The act would suspend normal trade relations with Russia and Belarus. By suspending normal trade relations, some U.S. imports from Russia and Belarus would be subject to higher customs duties than under current law.
H.R. 7108 would modify the authority to impose sanctions on individuals who commit serious human rights abuses or significant acts of corruption under current law. Using information about similar sanctions, CBO estimates that the sanctions in the act would affect a small number of people. Thus, enacting the legislation would have insignificant effects on revenues and direct spending.
Implementing the legislation would have insignificant effects on spending subject to appropriation; any spending would be subject to the availability of appropriated funds.
By permanently extending the Global Magnitsky Human Rights Accountability Act, H.R. 7108 would extend an existing private-sector mandate as defined in the Unfunded Mandates Reform Act (UMRA). The current mandate, due to expire in 2022, prohibits some transactions involving assets and property in the United States, or under the control of U.S. entities. In the absence of the sanctions, those transactions would otherwise be permitted. The cost of the mandate would be any income that U.S. entities lose as a consequence. CBO expects that because a small number of people or entities would be affected, the loss of income from any incremental increase in restrictions imposed by the bill would be small as well. CBO estimates that the cost of the mandate would fall well below the annual threshold established in UMRA for private-sector mandates ($170 million in 2021, adjusted annually for inflation).
