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house Bill H.R. 6423

Should Russian Companies be Sanctioned as Punishment for Russia’s Occupation of Ukraine?

Argument in favor

The Russian occupation of Ukraine, and the ongoing violence it caused, has been widely condemned by the international community. Since political pressure hasn't worked, putting economic pressure on the Kremlin by sanctioning Russian enterprises is a reasonable next step.

burrkitty's Opinion
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07/27/2018
I’m not interested in us getting in another war, so hitting them in the pocketbook is the most effective way
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Rochelle 's Opinion
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07/27/2018
Russia will continue its aggression unless it suffers consequences. That’s what bullies do.
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Helen's Opinion
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07/27/2018
Russia will continue its aggression unless it suffers consequences. That’s what tyrants and dictators do.
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Argument opposed

Putin has made concrete proposals to President Trump on solutions to this problem, and this bill would upend any progress that’s been made towards a diplomatic solution. Additionally, these sanctions might be viewed as sidestepping ongoing European efforts, and could be received poorly by U.S. allies in the region.

Jennifer 's Opinion
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07/27/2018
I guess this should have been done while it occurred on Obama’s watch; now all the Trump haters want to show Russia a thing or two? You just want Trump to show YOU... what? His allegiance to America? He’s holding Russia accountable for all their misdeeds during Obama’s reign? Give me a break. Trump owes you haters nothing. For those of us whom have watched his ACTIONS not his words, he’s already held Russia more accountable in sanctions, removal of ambassadors, bombings in Syria when they crossed HIS red line, and especially going after their energy markets with the upcoming trade deals with the EU. Those of us with half a brain witness his love of America, everyday, with his sound policies that undo 8 yrs of progressiveness. Thank God!
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Roger's Opinion
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07/28/2018
Crimea is an autonomous region of Ukraine that voted to leave Ukraine and return to Russia. The vast majority of people living there consider themselves Russian. This is a problem going back to the USSR. How is it the leftist want open borders and less nationalism on one hand, and scream for sanctions against Crimean people? Do they feel the same in regard to Serbia and Kosovo? President Trump is a great negotiator and is doing a bang up job with our foreign policy. Let the man work and stop trying to force his hand.
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Jane's Opinion
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07/28/2018
No for two reasons A) Democrats don’t like sanctions, they’ve been screaming about that since a Trump took office so why support this? And B) Trump has shown his negotiation skills. Let him do his job, they are a.ready in negotiations. If you are not sure what negotiations means it is NOT colluding......in case anyone is confused on that.....
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What is House Bill H.R. 6423?

This bill would sanction Russian institutions with ties to the Kremlin in response to Russia’s occupation of Ukraine. If the president finds that Russia is violating the Minsk Agreement — which was supposed to have led to a ceasefire in the Donbass region of Ukraine — then this bill would compel him to impose sanctions against at least three of the seven financial institutions named in this bill.

The following are named as targets of possible sanctions if the president finds continued violations of the Minsk Agreement:

  • Vnesheconombank

  • Sberbank

  • VTB Bank

  • Gazprombank

  • Bank of Moscow

  • Rosselkhozbank

  • Promsvyazbank.

Impact

Ukraine; Russia; Russian institutions; the President.

Cost of House Bill H.R. 6423

A CBO cost estimate for this bill is unavailable.

More Information

In-Depth: Sponsoring Rep. Steve Cohen (D-TN) introduced this bill to impose sanctions on Russian financial institutions in response to Russia’s continued occupation of Ukraine after the February 2014 invasion and annexation of Crimea:

“More than four years after the invasion of its sovereign neighbor, Ukraine, Russia continues to flout its international obligations and world opinion, and needs to see that the United States believes there should be a painful consequence. This bill would hit Russian President Vladimir Putin where it hurts – in his and his cronies’ banking relationships.”

There is one cosponsor of this bill, Rep. Ted Poe (R-TX).


Of NoteRussia’s occupation of Ukraine dates back to 2014, when the Kremlin backed separatists forces in Ukraine’s Donetsk and Luhansk provinces, known as the Donbass region. The Ukrainian government deems Russia an “aggressor state” and calls the parts of the Donbass under Russian control as under “temporary occupation.”

About 10,000 people, including at least 2,000 civilians, have been killed since the conflict began. Another 1.7 million have been displaced from their homes.

2015’s Minsk agreements brokered by Germany and France, which were supposed to have alleviated the war in the Donbass, have slowed the conflict — but sporadic fighting continues.

This bill is part of a bipartisan package of legislation, H.R. 6437, the Secure America from Russian Interference Act of 2018, that addresses concerns related to keeping the United States safe from Russian aggression and interference. It has four basic objectives:

  1. Exposing Russian misdeeds and holding President Vladimir Putin accountable;

  2. Strengthening U.S. government security and election infrastructure to defend against foreign interference;

  3. Bolstering U.S. alliances, especially with NATO partners, to combat the Russian threat; and

  4. Seeking constructive dialogue with the Russian people.

In addition to this bill, the following are included in the package:


Media:

Summary by Lorelei Yang

(Photo Credit: iStock / MarkRubens)

AKA

Punishing Continued Occupation of Ukraine Act

Official Title

To impose sanctions with respect to certain Russian financial institutions.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Foreign Affairs
    IntroducedJuly 18th, 2018
    I’m not interested in us getting in another war, so hitting them in the pocketbook is the most effective way
    Like (101)
    Follow
    Share
    I guess this should have been done while it occurred on Obama’s watch; now all the Trump haters want to show Russia a thing or two? You just want Trump to show YOU... what? His allegiance to America? He’s holding Russia accountable for all their misdeeds during Obama’s reign? Give me a break. Trump owes you haters nothing. For those of us whom have watched his ACTIONS not his words, he’s already held Russia more accountable in sanctions, removal of ambassadors, bombings in Syria when they crossed HIS red line, and especially going after their energy markets with the upcoming trade deals with the EU. Those of us with half a brain witness his love of America, everyday, with his sound policies that undo 8 yrs of progressiveness. Thank God!
    Like (35)
    Follow
    Share
    Russia will continue its aggression unless it suffers consequences. That’s what bullies do.
    Like (85)
    Follow
    Share
    Russia will continue its aggression unless it suffers consequences. That’s what tyrants and dictators do.
    Like (56)
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    Share
    Trump has emboldened Russia. We need more than sanctions, we need a president who isn’t compromised and a congress that is more than just talk.
    Like (50)
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    Why is this even a second thought? Of course, they should be sanctioned!
    Like (31)
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    Russian aggression should be countered by any means possible. The US must lead against their reckless behavior, and since many Russian companies are owned by the state, this is essentially direct punishment on the Kremlin.
    Like (24)
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    We have to send a signal to other countries that this will not be tolerated.
    Like (23)
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    Sanctions against Russia might work if Trump would implement them. Here is an excellent article that lays out Trump’s reluctance to impose sanctions mandated by Congress. A link to the article follows. “The trump administration shocked Washington when it refused to implement new, legally mandated sanctions against Russia in January. The White House claimed there was no need for new sanctions, because the law itself was already deterring those considering doing business with Russia.” https://foreignpolicy.com/2018/03/01/trumps-attitude-toward-russia-sanctions-makes-a-mockery-of-the-united-states/amp/
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    Crimea is an autonomous region of Ukraine that voted to leave Ukraine and return to Russia. The vast majority of people living there consider themselves Russian. This is a problem going back to the USSR. How is it the leftist want open borders and less nationalism on one hand, and scream for sanctions against Crimean people? Do they feel the same in regard to Serbia and Kosovo? President Trump is a great negotiator and is doing a bang up job with our foreign policy. Let the man work and stop trying to force his hand.
    Like (14)
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    Any company owned by Russian oligarchs or Putin needs to feel the real pain of REAL sanctions! We need to do this in concert with our NATO —Yes, #45, NATO— and let them know we mean business....and I don’t mean the kind of MONKEY business our fearless leader has been doing lately! Whatever sanctions we apply should be targeted so as to do the least possible damage to the Russian people, since they have had no reL sayin the actions their government has taken!
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    No for two reasons A) Democrats don’t like sanctions, they’ve been screaming about that since a Trump took office so why support this? And B) Trump has shown his negotiation skills. Let him do his job, they are a.ready in negotiations. If you are not sure what negotiations means it is NOT colluding......in case anyone is confused on that.....
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    Russia must be held accountable for interfering in our democratic process
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    It might have been more appropriate for the former administration to deal with this issue. After all, it happened under their watch.
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    Until they surrender the occupied territory of the Ukraine.
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    How about the occupation of the US White House??!!!
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    Yes, this is a minimum response. Keep the pressure on.
    Like (8)
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    Russia is continuing to stoke up conflict in Ukraine after they illegally annexed Crimea. Sanctions are really the only appropriate response to this situation. They cannot be allowed to keep taking more of another sovereign country’s territory without some sort of punishment as long as it’s not war.
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    Sanction the 💩 out of them. We can give them trump for free!!!
    Like (7)
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    Putin has made concrete proposals to President Trump on solutions to this problem, and this bill would upend any progress that’s been made towards a diplomatic solution. Additionally, these sanctions might be viewed as sidestepping ongoing European efforts, and could be received poorly by U.S. allies in the region. 7*27*18 .....
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