Marshall, Braun, Scott Legislation Ends Biden’s Delay of Russian Energy Sanctions
(Washington, D.C., April 7, 2022) – U.S. Senators Roger Marshall, M.D., Mike Braun (IN), and Rick Scott (FL) introduced legislation to close a loophole created by the Biden Administration that allows financial transactions with Russia related to energy to be completed until June 24th. Allowing these transactions to continue directly funds Putin’s unjustifiable war against Ukraine. This legislation comes on the heels of reports of the Russian ruble becoming the top performing currency in the world, proving Russia’s economy is able to sustain current sanctions and their attacks on Ukraine in the long term because President Biden refused to take swift action against the Russian energy sector.
“The Ukrainian people can win this war, but not if the U.S. continues to line the pockets of war criminal Vladimir Putin,” said Senator Marshall. “The ruble has recovered from the shock of the initial round of sanctions and atrocities continue to be carried out against the Ukrainian people. High gas prices and food shortages caused by the ongoing conflict are also becoming a major threat to the United States and the world. Just yesterday President Biden announced additional sanctions on Russia but none that will deliver such a blow as stopping energy payments through Russia’s biggest banks, including the Central Bank of Russia. While today’s votes in the Senate were an important step, we must step up and put these energy related sanctions into effect immediately.”
“If we’re going to hit Russia’s economy where it hurts, their oil and gas industry – 40% of Russia’s annual federal budget – cannot be off the table. I’m proud to join Senator Marshall on this bill to close the loophole on energy transactions now and stop lining the pockets of the Russian Federation and the Putin regime,” said Senator Braun.
“It’s unacceptable that there are loopholes in our sanctions that allow money to flow to Russian energy companies for another three months. We must make completely clear to Russian oil companies that the U.S. stands for freedom. This good bill will close that loophole and actually stand up to Putin’s disgusting, tyrannical regime,” said Senator Rick Scott.
Senator Marshall was recently on FOX Business discussing the delay in Joe Biden’s sanctions of Russian oil. You may click HERE or on the image below to watch Senator Marshall’s interview.
ICYMI from Politico: Sens. Roger Marshall (R-Kan.) and Mike Braun (R-Ind.) are introducing legislation today to enforce sanctions on Russian energy shipments immediately, nullifying the June 24th grace period for energy-related transactions under the current sanctions executive order. The Republicans pointed to the ruble’s recent resurgence from its precipitous decline last month as proof that the country’s economy is weathering sanctions better than the administration had hoped.
On February 28, the Office of Foreign Assets Control issued General License 8A which allowed transactions prohibited by President Biden’s sanctions on financial institutions so long as the transaction is “related to energy” until June 24th. “The energy sector of the Russian Federation economy itself is not subject to comprehensive sanctions,” Treasury said in Frequently Asked Questions later issued on March 4.
This has helped Putin continue his unjustifiable war against Ukraine by allowing financial institutions and persons to continue facilitating revenue in the energy industry. The oil and gas industries account for roughly 40% of Russia’s annual federal budget. This legislation would simply terminate General License 8A and reaffirm that the sanctions issued on Russian entities will apply.
To ensure the United States is applying maximum pressure on Russia, Senator Marshall will be introducing this bill on the same day he will be voting in favor of legislation to remove Russia’s favored nation status and ban Russian oil imports.
In March, Senator Marshall introduced legislation to swiftly ban the U.S. purchase of Russian oil. The legislation was introduced ahead of President Biden’s address to the nation and in response to Russia’s unjustifiable war against the sovereign nation of Ukraine.