Russia and Belarus Financial Sanctions Act of 2023

HR 5512 requires U.S. financial institutions to ensure all entities they own or control comply with U.S. sanctions against Russia and Belarus. It directly affects banks, credit card systems, insurance companies, and other financial firms operating in the U.S. or with U.S. branches. The bill mandates that these institutions enforce sanctions covering transactions, deposits, loans, foreign exchange, and securities dealing involving Russia or Belarus. Violations could result in penalties under existing sanctions laws.