No Energy Revenues for Russian Hostilities Act of 2023

No Energy Revenues for Russian Hostilities Act of 2023

This bill prohibits the Department of the Treasury from authorizing certain energy-related transactions involving Russia that would otherwise be blocked by an executive order.

An April 15, 2021, executive order blocked certain transactions involving foreign persons (individuals or entities) related to Russia. These include transactions involving persons (1) operating in Russia's defense or technology sectors; (2) involved in Russian government attempts to interfere with the democratic processes of other countries; or (3) engaged in attempts to disrupt energy supplies to Europe, the Caucasus, or Asia. However, Treasury has issued licenses that authorized certain energy-related transactions that would otherwise be blocked by the executive order.

The bill prohibits Treasury from authorizing (or continuing to authorize) certain transactions that it had authorized on December 15, 2022, under General License No. 8E. Treasury may waive this prohibition upon certifying to Congress that (1) the waiver applies only to transactions involving funds owed to a Russian person; and (2) the funds are to be used for the sale of agricultural commodities, food, medicine, or medical devices.