No Energy Revenues for Russian Hostilities Act of 2023

This bill prohibits U.S. financial institutions from engaging in certain energy-related transactions with Russia under existing Treasury authorizations, directly affecting banks and financial entities handling Russian energy deals. It blocks Treasury from authorizing transactions covered by General License No. 8E (related to sanctions on Russia), with limited 90-day waivers allowed only for transactions involving funds owed to Russians to purchase agricultural goods, food, medicine, or medical devices. The restriction automatically expires after five years or 30 days after the President certifies Russia has stopped military actions against Ukraine’s sovereignty. The law aims to prevent Russian energy revenue from supporting ongoing hostilities.