CURB CIPS Act of 2022
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Mar 17, 2022)
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.
What just happenedMar 17, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateMar 17, 2022
- Mar 17, 2022IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Mar 17, 2022IntroReferral10000
Introduced in Senate