Bill > HR7506

This bill, titled the "Decreasing Russian Oil Profits Act of 2026," aims to impose sanctions on foreign individuals and entities involved in the trade of crude oil or petroleum products originating from the Russian Federation. Starting 90 days after enactment, the President is mandated to block all transactions involving property of sanctioned foreign persons if that property is in the United States or controlled by a U.S. person. This authority is granted under the International Emergency Economic Powers Act, a law that allows the President to impose economic sanctions in response to national emergencies. The bill outlines specific conditions for imposing sanctions, including engaging in or facilitating the purchase or import of Russian oil, knowingly assisting financial transactions related to such activities, materially supporting those involved, or serving as a chief executive or board member of a sanctioned entity. However, the President can apply up to two types of exceptions to these sanctions, such as for countries that isolate Russian funds and reduce their purchases of Russian oil by crediting payments to an account used only for agricultural commodities, food, medicine, or medical devices between Russia and that country, or for countries that deposit payments for Russian oil into an account established for the benefit of Ukraine, with funds to be used for Ukraine's reconstruction and defense. Another exception is for countries providing significant economic or military support to Ukraine. Temporary, port-specific exceptions are also allowed for a limited period, but these cannot cover more than half of Russia's estimated oil export capacity. Importantly, any exception will not apply to activities facilitating the maritime transport of Russian oil purchased above a price cap set by the Treasury Secretary, regardless of where the service providers are located. These sanctions and provisions are set to terminate five years after the bill's enactment.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/7506/all-info