Stop China’s Financing of Russia’s Invasion Act

Hozzl · 2022-12-29T22:03:50Z

Explore the details of House Bill 7114 Stop China’s Financing of Russia’s Invasion Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Foreign Trade and International Finance. Stay informed on legislative developments.

12/29/2022, 10:03 PM

Summary of Bill HR 7114

Bill 117 hr 7114, also known as the Stop China’s Financing of Russia’s Invasion Act, is a piece of legislation introduced in the US Congress with the aim of preventing China from providing financial support to Russia in its invasion of Ukraine. The bill seeks to impose sanctions on Chinese entities that are found to be aiding Russia in any way, including providing loans, investments, or other forms of financial assistance.

The bill highlights the importance of cutting off financial support to Russia in order to put pressure on the country to end its invasion of Ukraine and respect international law. It also emphasizes the need for the United States to take a strong stance against any country that seeks to undermine global security and stability.

If passed, the Stop China’s Financing of Russia’s Invasion Act would require the US government to identify and sanction Chinese entities that are found to be supporting Russia in its invasion of Ukraine. These sanctions could include freezing assets, restricting access to the US financial system, and imposing travel bans on individuals associated with these entities. Overall, the bill aims to hold China accountable for its actions and prevent it from enabling Russia’s aggression in Ukraine. It underscores the importance of international cooperation and solidarity in addressing global security challenges and upholding the principles of democracy and human rights.

Congressional Summary of HR 7114

Stop China's Financing of Russia's Invasion Act

This bill requires additional tariffs on certain Chinese goods if China increases its importation of wheat and barley from Russia.

Specifically, the bill requires the U.S. Trade Representative (USTR) to certify to the President whether China has increased the volume of wheat and barley imported from Russia relative to the volume imported on February 1, 2022. Upon an affirmative confirmation and until certain requirements are met, the President must impose an additional tariff of 20% on Chinese products that are classified under section I, II, or III of the Harmonized Tariff Schedule (which includes, among others, animal and vegetable products).

Additionally, the bill directs the USTR to take certain actions, including to consider steps to suspend Russia's participation in the World Trade Organization.

Read the Full Bill

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Current Status of Bill HR 7114

Bill HR 7114 is currently in the status of Bill Introduced since March 17, 2022. Bill HR 7114 was introduced during Congress 117 and was introduced to the House on March 17, 2022. Bill HR 7114's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of March 17, 2022

Bipartisan Support of Bill HR 7114

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7114

Primary Policy Focus

Foreign Trade and International Finance

Potential Impact Areas

- Agricultural trade

- Asia

- China

- Conflicts and wars

- Congressional oversight

- Europe

- Free trade and trade barriers

- Grain

- International organizations and cooperation

- Military operations and strategy

- Presidents and presidential powers, Vice Presidents

- Russia

- Sanctions

- Tariffs

- Trade restrictions

- Ukraine

- War and emergency powers

Alternate Title(s) of Bill HR 7114

Stop China’s Financing of Russia’s Invasion Act

To impose retaliatory tariffs on Chinese goods for financially supporting Russia through the increased purchases of Russian agricultural products during Russia's ongoing invasion of Ukraine, and for other purposes.