WASHINGTON, D.C. – Today, U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) announced a bipartisan agreement on legislation to strengthen and expand current U.S. sanctions on Russia.
The Banking Committee has held hearings to assess the effects of U.S. sanctions imposed three years ago against the Russian Federation for its invasion and illegal annexation of Crimea. The hearings also assessed the prospects for imposing additional sanctions in response to Russia’s continuing violence and interference in Ukraine and Syria, and Russia’s cyber intrusions against the United States.
Despite existing sanctions, Russia remains a hostile, recalcitrant power, deploying its military, cyber-enabled information espionage activities, and economic tactics to harm the United States and drive a wedge between it and its allies. There is significant Congressional interest in ensuring sanctions on Russia are effective and proportionally enhanced, particularly in light of continuing Russian intransigence in these areas.
Highlights of the agreed-upon legislation include measures to:
Legislative text will be released at a later date.