Russian Sovereign Debt Prohibition Act of 2022
This bill prohibits U.S. financial institutions from participating in the secondary Russian-backed bond market. This prohibition expires on the earlier of (1) 5 years after the date of enactment, or (2) 30 days after the President reports to Congress that Russia has ceased its destabilizing activities in Ukraine.
To require the Secretary of the Treasury to prohibit U.S. financial 
  institutions from participating in the secondary market for certain 
                             Russian bonds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Russian Sovereign Debt Prohibition 
Act of 2022''.

SEC. 2. PROHIBITION ON SECONDARY MARKET PARTICIPATION FOR RUSSIAN 
              BONDS.

    (a) In General.--Not later than 90 days after the date of the 
enactment of this Act, the Secretary of the Treasury shall prohibit 
U.S. financial institutions from participating in the secondary market 
for ruble or non-ruble denominated bonds issued by the Central Bank of 
the Russian Federation, the National Wealth Fund of the Russian 
Federation, or the Ministry of Finance of the Russian Federation, 
regardless of the date on which such bonds were issued.
    (b) Termination.--Subsection (a) shall have no force or effect on 
the earlier of--
            (1) the date that is 5 years after the date of enactment of 
        this Act; or
            (2) 30 days after the date that the President reports to 
        Congress that the government of Russia has ceased its 
        destabilizing activities with respect to the sovereignty and 
        territorial integrity of Ukraine.
    (c) U.S. Financial Institution Defined.--The term ``U.S. financial 
institution'' has the meaning given that term under section 561.309 of 
title 31, Code of Federal Regulations.
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Russian Sovereign Debt Prohibition Act of 2022
To require the Secretary of the Treasury to prohibit U.S. financial institutions from participating in the secondary market for certain Russian bonds.
Russian Sovereign Debt Prohibition Act of 2022
Rep. Huizenga, Bill