H.R. 2622: Russia-North Korea Cooperation Sanctions Act

This bill, titled the Russia-North Korea Cooperation Sanctions Act, aims to impose sanctions against individuals and entities involved in supporting North Korea's military assistance to Russia, particularly in the context of Russia's war in Ukraine. Below are the key components of the bill:

Background Findings

• The bill acknowledges Russia's invasion of Ukraine beginning on February 24, 2022.
• It notes a meeting on September 13, 2023, between North Korea's leader Kim Jong Un and Russian President Vladimir Putin, where discussions included military support from North Korea to Russia in exchange for economic aid.
• It outlines that North Korea possesses military resources that could be supplied to Russia to support its war efforts.
• The bill cites that such transfers of military support would violate United Nations Security Council resolutions that Russia itself has endorsed.

Sanction Provisions

The President is mandated to impose sanctions on the following:

• Individuals and entities responsible for or facilitating the transfer of arms or military support from North Korea to Russia.
• Foreign persons who knowingly import or export goods or services related to weapons to or from North Korea that could be utilized by Russia.
• Foreign financial institutions that assist any individuals or entities involved in the previously mentioned transactions.
• Any foreign person engaging in significant transactions linked to arms transfer with those under sanction.
• Individuals providing logistical support for the movement of North Korean arms to Russia.

Details of Sanctions

The sanctions authorized will include:

• Blocking Property: Any property interests belonging to those sanctioned can be blocked if they are under U.S. jurisdiction.
• Visa Restrictions: Foreign individuals identified under this bill will be barred from entering the U.S. or will have their existing visas revoked.
• Implementation and Penalties: The President is granted extensive authority to implement these sanctions, with penalties applicable for violations.
• Waiver Authority: The President can waive sanctions if deemed necessary for national security, but must notify Congress ahead of time.
• Humanitarian Assistance Exception: Organizations that provide recognized humanitarian assistance will not be penalized under this act.

Amendment to Existing Legislation

This bill also proposes amendments to the existing North Korea Sanctions and Policy Enhancement Act of 2016, specifically to enhance sanctions against those providing material support for Russia's war in Ukraine.

Reporting Requirements

The President is required to submit a report every 180 days detailing North Korea's support for Russia's military actions. This report will include:

• The identities of sanctioned individuals and organizations.
• A description of their conduct.
• An assessment of foreign government assistance to North Korea.
• A U.S. strategy to counter North Korea's support for Russia.

Definitions

The bill clarifies key definitions, including which foreign financial institutions are covered and what constitutes "material support" in the context of these sanctions.

Relevant Companies

• None found.