Sponsors (5)
Introduced April 9, 2026 by Gregory W. Meeks · Last progress April 9, 2026
The bill tightens sanctions and boosts congressional oversight to reduce Russia's oil revenues and document abuses, but it raises compliance and administrative costs, can limit legal flexibility and individual rights, and risks higher energy prices for U.S. consumers.
Taxpayers and the general public: the bill tightens sanctions on Russian oil-and-gas actors (blocking property, restricting certain transactions and visas, and limiting OFAC licensing) so those actors' revenue that funds hostile state activity is reduced.
Financial institutions, energy-sector workers, and allied partners: the bill freezes assets and prohibits transactions that can disrupt financing for Russian oil and gas extraction, refinement, and maritime transport, increasing economic pressure on Russia's energy sector.
Humanitarian organizations and recipients (including immigrants): the bill explicitly exempts food, medicine, medical devices, and humanitarian assistance (and related transport/finance) from sanctions, helping protect humanitarian flows.
Taxpayers and U.S. consumers (especially middle-class families): reducing Russian oil shipments and restricting related transactions could disrupt global energy supply and raise fuel and energy prices domestically.
Financial institutions, shippers, importers, and businesses: nullifying prior licensing routes and tightening prohibitions will create sudden compliance costs, stranded transactions, and greater legal exposure (including risk of IEEPA penalties).
Federal decisionmaking and oversight: the bill's limits on Treasury discretion and delegation of authority to the President with constrained judicial review and classified-evidence procedures reduce transparency and legal oversight of sanctions decisions.
Based on analysis of 5 sections of legislative text.
Cancels two OFAC licenses for Russian oil deliveries, bars future similar licenses, mandates sanctions on Russian oil-sector actors, and requires recurring congressional reporting on exports, revenues, and abuses.
Cancels two Treasury OFAC general licenses that had allowed certain deliveries and sales of Russian crude and petroleum products and bars the Treasury Secretary from issuing future OFAC licenses that would permit ordinary transactions to sell, deliver, or offload Russian oil. It also requires the President to impose broad sanctions (asset blocking and visa restrictions) on Russian persons involved in oil and gas extraction, refining, or maritime transport of petroleum, with limited humanitarian and diplomatic exceptions. The bill directs recurring, multi-year reporting by State (with other agencies) to key congressional committees on Russian oil export volumes, prices, revenues to the Russian government and state-controlled entities, and production levels, and requires reports on any involvement of Russian state-owned/affiliated energy companies in abductions or forcible deportations of Ukrainian civilians, including children.