H.R. 4825 would direct the Administration to block transactions involving any foreign vessels that are used to knowingly transport Russian oil sold at a higher value than the established Russian oil price cap. That price cap was established in December 2022 by a coalition of countries that have prohibited their residents from providing maritime services to transport Russian oil unless it is sold below an established limit. Blocked transactions would be those involving assets that are in the United States or that come under the control of people in the United States.
The bill also would direct the Department of State and the Department of the Treasury to establish a diplomatic strategy to increase international compliance with the price cap. Additionally, the bill would require the Departments of Energy, State, and the Treasury to produce quarterly reports detailing the global impact of the price cap policy. That reporting requirement would expire after three years or after the price cap is lifted, whichever comes sooner.
Blocking transactions as directed under the bill would increase the number of people who are subject to civil or criminal monetary penalties. Such penalties are recorded as revenues, and a portion can be spent without further appropriation.
