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Russian Digital Asset Sanctions Compliance Act of 2022
12/29/2022, 11:03 PM
Summary of Bill HR 7429
The bill aims to target those who are using digital assets, such as cryptocurrencies, to evade sanctions imposed by the United States on Russia. It seeks to prevent these individuals and entities from using digital assets to circumvent traditional financial sanctions and continue to engage in illicit activities.
If passed, the Russian Digital Asset Sanctions Compliance Act of 2022 would require the US government to identify and sanction individuals and entities in Russia that are involved in the digital asset industry and are violating US sanctions. This could include freezing assets, restricting access to financial services, and imposing other penalties. Overall, the bill is designed to strengthen US sanctions against Russia and prevent individuals and entities from using digital assets to evade these sanctions. It is part of ongoing efforts to hold Russia accountable for its actions and to protect US national security interests.
Congressional Summary of HR 7429
Russian Digital Asset Sanctions Compliance Act of 2022
This bill allows additional sanctions against Russia and creates specified reporting requirements regarding digital assets.
Specifically, the President must periodically identify foreign persons who facilitate evasion of Russian sanctions using digital assets. The bill authorizes sanctions against such persons.
The bill requires a U.S. taxpayer engaged in offshore digital asset transactions greater than $10,000 to file an annual Report of Foreign Bank and Financial Accounts with the Financial Crimes Enforcement Network.
The bill allows the Department of the Treasury to prohibit U.S. digital asset trading platforms and transaction facilitators from transacting with Russian digital asset addresses. Additionally, Treasury must report on its progress in implementing the bill and must annually identify foreign digital asset trading platforms that are a high risk for sanctions evasion, money laundering, and other illicit activities.
