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Congressional Daily Record
This section is about changes proposed to a bill or resolution. It mentions committees such as Committee on Banking, Housing, and Urban Affairs, members such as David Harold McCormick.
Issued
June 18, 2026
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Download official Senate Record PDFReturn to issue contextSA 5878. Mr. McCORMICK (for himself, Ms. Warren, and Mr. Coons) submitted an amendment intended to be proposed by him to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:
At the end of subtitle C of title XII, add the following:
SEC. 1230. IMPOSITION OF SANCTIONS WITH RESPECT TO TRADE IN
RUSSIAN ORIGIN PETROLEUM PRODUCTS.
(a) In General.—Beginning on the date that is 90 days
after the date of the enactment of this Act, the President
shall impose the sanctions described in subsection (b) with
respect to any foreign person that the Secretary of the
Treasury, in consultation with the Secretary of State,
determines—
(1) is responsible for or complicit in, or has directly or
indirectly engaged or attempted to engage in, the purchase or
importation into any country of crude oil or petroleum
products of Russian Federation origin;
(2) has knowingly facilitated financial transactions
related to an activity described in paragraph (1);
(3) has materially assisted, sponsored, or provided
material support for any activity described in paragraph (1)
or (2) by any person with respect to which sanctions have
been imposed under paragraph (1) or (2); or
(4) is or has been a chief executive officer or member of
the board of directors of any entity described in any of
paragraphs (1) through (3).
(b) Sanctions Described.—The sanctions described in this
subsection are the exercise all of the powers granted to the
President by the International Emergency Economic Powers Act
( 50 U.S.C. 1701 et seq.) to the extent necessary to block
and prohibit all transactions in property and interests in
property of a foreign person if such property and interests
in property are in the United States, come within the United
States, or are or come within the possession or control of a
United States person.
(c) Permissible Exception Frameworks.—
(1) In general.—The President may apply not more than 2 of
the types of exceptions described in paragraph (2) with
respect to the application of sanctions under subsection (a).
(2) Exceptions described.—
(A) Exception for countries that isolate russian funds and
reduce purchases.—
(i) In general.—The President may apply an exception to
the application of sanctions under subsection (a) with
respect to the purchase or importation into a country of
crude oil or petroleum products of Russian Federation origin
if the President determines that—
(I) any funds owed by the government of that country or
persons of that country to the Russian Federation or to the
sellers of crude oil or petroleum products of Russian
Federation origin as a result of the purchase or importation
will be—
(aa) credited to an account located in that country; and
(bb) used only to facilitate transactions in agricultural
commodities, food, medicine, or medical devices between the
Russian Federation and the country; and
(II) the government of the country has committed to
significantly reduce its purchases of crude oil and petroleum
products of Russian Federation origin.
(ii) Renewal required.—The authority to apply the
exception under clause (i) shall expire if the President does
not certify, not later than 180 days after the date of the
enactment of this Act, and every 180 days thereafter, that—
(I) the country has significantly reduced its volume of
purchases of crude oil and petroleum products of Russian
Federation origin during the preceding 180-day period; or
(II) the price and supply of crude oil and petroleum
products produced in countries other than the Russian
Federation is not sufficient to permit purchasers of crude
oil and petroleum products of Russian Federation origin to
reduce significantly in volume their purchases from the
Russian Federation.
(iii) Sanctions for misuse of account.—Any foreign person
responsible for or complicit in, or that has directly or
indirectly engaged or attempted to engage in, transactions
reliant on the funds in an account described in clause (i)(I)
for any purpose other than to facilitate transactions in
agricultural commodities, food, medicine, or medical devices
between the Russian Federation and the country in which the
account is located shall be subject to the sanctions
described in subsection (b).
(B) Exception for deposits into account to support
ukraine.—
(i) In general.—The President may apply an exception to
the application of sanctions under subsection (a) with
respect to the purchase or importation into a country of
crude oil or petroleum products of Russian Federation origin
if a payment per barrel of such crude oil or petroleum
products has been deposited into an account that the
President has established for the benefit of Ukraine (which
may include an account established under section 104 of the
Rebuilding Economic Prosperity and Opportunity for Ukrainians
Act (division F of Public Law 118-50; 22 U.S.C. 9521 note)).
(ii) Guidance.—The President may issue guidance and
develop implementation tools that assist private sector
entities in verifying that the payments described in clause
(i) corresponding to specific purchases have been deposited
in the account described in that clause.
(iii) Use of funds.—
(I) In general.—The funds in an account established as
described in clause (i) shall be available only for—
(aa) the purposes specified in section 104(f) of the
Rebuilding Economic Prosperity and Opportunity for Ukrainians
Act (division F of Public Law 118-50; 22 U.S.C. 9521 note);
and
(bb) funding the purchase by the Government of Ukraine of
defense articles for Ukraine to employ in response to Russian
Federation aggression.
(II) Timely disbursement.—A significant proportion of
funds in an account established as described in clause (i)
shall be disbursed not less frequently than every 90 days for
the purposes described in subclause (I).
(iv) Limitations on transfers and expenditures of funds.—
(I) Notification of transfers.—
(aa) In general.—The Secretary of State shall notify the
appropriate congressional committees not fewer than 15 days
before transferring any funds from an account established as
described in clause (i) to any other account for the purposes
described in clause (iii) or otherwise expending any of such
funds for such purposes.
(bb) Elements.—A notification under item (aa) shall
specify—
(AA) the amount of funds to be transferred or expended;
(BB) the specific purpose for which the funds are
transferred or expended; and
(CC) the recipient of those funds.
(II) Certification of transparency and accountability.—No
funds may be transferred or otherwise expended from an
account established as described in clause (i) unless the
President submits to the appropriate congressional committees
in writing a certification that a plan exists to ensure
transparency and accountability for all funds transferred
into and expended from any account receiving the funds.
(III) Joint resolution of disapproval.—No funds may be
transferred or expended pursuant to this clause if, within 15
days of receipt of the notification under subclause (I), a
joint resolution is enacted into law prohibiting such
transfer.
(C) Exception for countries supporting ukraine.—
(i) In general.—The President may apply an exception to
the application of sanctions under subsection (a) with
respect to the purchase or importation into any country of
crude oil or petroleum products of Russian Federation origin
if the President determines and certifies in writing to the
appropriate congressional committees that the government of
that country is providing significant economic, humanitarian,
or military support to the Government of Ukraine.
(ii) Renewal required.—The authority to apply the
exception under clause (i) with respect to a country shall
expire if the President does not certify, not later than 180
days after the date of the enactment of this Act, and every
180 days thereafter, that the government of the country is
providing significant economic, humanitarian, or military
support to the Government of Ukraine.
(D) Temporary port-specific exceptions.—
(i) In general.—During the period beginning on the date of
the enactment of this Act
and ending on the date that is 270 days after such date of
enactment, the President may apply an exception to the
application of sanctions under subsection (a) for the
purchase or the importation into any country of crude oil or
petroleum products of Russian Federation exported from
specific Russian Federation ports if the President submits to
the appropriate congressional committees a report providing a
justification for the exception.
(ii) Limitation.—An exception applied under clause (i) may
not cover, at any time, ports that are estimated to have
cumulatively accounted for more than half of the oil export
capacity of the Russian Federation in 2025.
(d) Implementation; Penalties.—
(1) Implementation.—The President may exercise all
authorities provided under sections 203 and 205 of the
International Emergency Economic Powers Act (50 U.S.C. 1702
and 1704) to carry out this section.
(2) Penalties.—The penalties provided for in subsections
(b) and (c) of section 206 of the International Emergency
Economic Powers Act (50 U.S.C. 1705) shall apply to any
person that violates, attempts to violate, conspires to
violate, or causes a violation of any prohibition under this
section, or any order or regulation prescribed under this
section, to the same extent that such penalties apply to a
person that commits an unlawful act described in section
206(a) of such Act (50 U.S.C. 1705(a)).
(e) Rulemaking.—
(1) In general.—The President may prescribe such
regulations as may be necessary to carry out this section
(which may include regulatory exceptions), including under
section 205 of the International Emergency Economic Powers
Act (50 U.S.C. 1704).
(2) Rule of construction.—Nothing in this section may be
construed to limit the authority of the President pursuant to
the International Emergency Economic Powers Act (50 U.S.C.
1701 et seq.).
(f) Exception Relating to Importation of Goods.—
(1) In general.—A requirement to block and prohibit all
transactions in all property and interests in property under
this section shall not include the authority or a requirement
to impose sanctions on the importation of goods.
(2) Good.—In this subsection, the term “good” means any
article, natural or manmade substance, material, supply, or
manufactured product, including inspection and test
equipment, and excluding technical data.
(g) Sunset.—The provisions of this section, and any
sanctions imposed under this section, shall terminate on the
date that is 5 years after the date of the enactment of this
Act.
(h) Definitions.—In this section:
(1) Agricultural commodity.—The term “agricultural
commodity” has the meaning given such term in section 102 of
the Agricultural Trade Act of 1978 (7 U.S.C. 5602).
(2) Appropriate congressional committees.—The term
“appropriate congressional committees” means—
(A) the Committee on Banking, Housing, and Urban Affairs
and the Committee on Foreign Relations of the Senate; and
(B) the Committee on Foreign Affairs and the Committee on
Financial Services of the House of Representatives.
(3) Defense article.—The term “defense article” has the
meaning given that term in section 47 of the Arms Export
Control Act (22 U.S.C. 2794).
(4) Foreign person.—The term “foreign person” means an
individual or entity that is not a United States person.
(5) Knowingly.—The term “knowingly”, with respect to
conduct, a circumstance, or a result, means that a person had
actual knowledge, or should have known, of the conduct, the
circumstance, or the result.
(6) Medical device.—The term “medical device” has the
meaning given the term “device” in section 201 of the
Federal Food, Drug, and Cosmetic Act (21 U.S.C. 321).
(7) Medicine.—The term “medicine” has the meaning given
the term “drug” in section 201 of the Federal Food, Drug,
and Cosmetic Act (21 U.S.C. 321).
(8) United states person.—The term “United States
person” means—
(A) a United States citizen or an alien lawfully admitted
for permanent residence to the United States;
(B) an entity organized under the laws of the United States
or any jurisdiction within the United States, including a
foreign branch of such an entity; or
(C) any person located in the United States.