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S. 3877 117th Congress Senate

CURB CIPS Act of 2022

Official title: A bill to require the imposition of sanctions with respect to Chinese financial institutions that clear, verify, or settle transactions with Russian or Russian-controlled financial institutions.

Introduced: March 17, 2022 See on congress.gov
International Affairs AsiaBank accounts, deposits, capitalChinaCongressional oversight
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EuropeForeign and international bankingForeign propertyPresidents and presidential powers, Vice PresidentsRussiaSanctionsWar and emergency powers
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 17, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 17, 2022
Introduced in Senate
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 Latest action March 17, 2022

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

Crippling Unhinged Russian Belligerence and Chinese Involvement in Putin's Schemes Act of 2022 or the CURB CIPS Act of 2022

This bill imposes sanctions on any Chinese financial institution that uses China's Cross-Border Interbank Payment System or Russia's System for Transfer of Financial Messages to conduct transactions with any Russian financial institution or financial institution affiliated with an entity holding itself out to be the government of (1) the Republic of South Ossetia- the State of Alania, (2) the Donetsk People's Republic, (3) the Luhansk People's Republic, (4) the Republic of Abkhazia, or (5) the Pridnestrovian Moldavian Republic.

For the purposes of this bill, a Chinese or Russian financial institution is one organized under the laws of, located in, or owned or controlled by China or Russia. Similarly, a financial institution is affiliated with one of the named entities if it is organized under the laws of, located in territory controlled by, or owned or controlled by such an entity.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Republican 4
R
Scott, Tim
South Carolina · Apr 5, 2022
 R
Hawley, Josh
Missouri · Mar 21, 2022
 R
Scott, Rick
Florida · Mar 17, 2022
 R
Young, Todd
Indiana · Mar 17, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3877: CURB CIPS Act of 2022. 117th Congress. Open America. https://openamerica.io/bill/117-S-3877/
MLA
"S. 3877: CURB CIPS Act of 2022." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-3877/.
Bluebook (legal)
S. 3877, 117th Cong. (2026), https://openamerica.io/bill/117-S-3877/.
Markdown link
[S. 3877: CURB CIPS Act of 2022](https://openamerica.io/bill/117-S-3877/)
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