Schumer Introduces Resolution To Allow For Future Disapproval Of Treasury Action To Terminate Sanctions Against Three Russian Companies

January 4, 2019

U.S. Treasury Announced Intent To Terminate Sanctions On Three Large Russian Companies On December 19th, Starting 30-Day Clock For Congress To Act  

Schumer, Brown, Menendez Voiced Concerns About Treasury’s Agreement With The Companies In December; Senate Committee Review Process Is Now Ongoing 

Schumer: Serious Questions Remain About President Trump’s Relationship With Russia, Treasury’s Ability To Enforce Agreement To End Sanctions On Russian Companies 

Washington, D.C.—Today, U.S. Senate Democratic Leader Chuck Schumer (D-NY) introduced a resolution to allow for the potential disapproval of the U.S. Treasury Department’s decision in December to terminate sanctions for three Russian companies connected to Russian oligarch Oleg Deripaska: EN+ Group Plc, JSC EuroSibEnergo, and United Co. Rusal Plc. When the Treasury Department announced its intention to terminate these sanctions, Sen. Schumer, Banking Committee Ranking Member Sherrod Brown (D-OH), and Foreign Relations Committee Ranking Member Bob Menendez (D-NJ) issued a statement laying out their concerns regarding the Treasury’s ability to enforce the agreement reached with the companies to limit Deripaska’s control, noting that the new Congress would need to review the decision. The resolution introduced today will serve as a placeholder, giving Senators the option to bring up a resolution of disapproval within the 30-day review period.

“The formal review process is underway,” said Schumer. “The Banking and Foreign Relations committees are assessing the terms of the agreement, and the documents that have been provided by Treasury. But time is short, and if we did not introduce a resolution today, we would have been overtaken by events, since any resolution must be pending in committee for ten days before it is subject to discharge to the full Senate. So today I am introducing such a resolution. I do so not because I have concluded that Congress should act to disapprove this agreement -- I have not made that determination yet -- but to preserve the procedural option of moving to bring up such a resolution at the end of the review process, if necessary, for expedited review and a vote by the full Senate.”

Read Schumer’s full statement for the record here. The resolution is available here.

Under the Countering America's Adversaries Through Sanctions Act (CAATSA), Congress has a 30 day window to make an independent assessment of whether the sanctions decision protects U.S. economic and national security. That gives Congress until January 17th to pass a disapproval resolution if it determines one is needed, as any resolution must be pending in committee for 10 days before it is subject to discharge to the full Senate. Schumer will continue to consult with the Ranking Members on the Banking, Foreign Relations, and Intelligence Committees, and others, before making a judgment on whether to call for consideration, under expedited procedures provided for in CAATSA, of a disapproval resolution.

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