Duval Times

U.S. Senator Marco Rubio (R-FL) has introduced the Sanctions Evasion Prevention and Mitigation Act, aiming to counteract financial systems employed by China, Russia, and Iran to circumvent U.S. sanctions. The bill seeks to ensure that adversarial nations face economic repercussions for actions including human rights abuses and terrorism promotion.

“Sanction enforcement is vital to enforcing our laws. When our adversaries evade U.S. sanctions, we must do everything in our power to ensure they are held accountable and safeguard our financial system. This bill prioritizes countering regimes that are attempting to circumvent U.S. sanctions, including those in Tehran, Beijing, and Moscow,” stated Senator Rubio.

The proposed legislation mandates several measures:

- Directing the President to impose sanctions on any financial institution from countries of concern—such as China, Russia, Iran, North Korea, Cuba, Venezuela, and Russian-occupied territories—that utilize China's Cross-Border Interbank Payment System (CIPS), Russia's System for Transfer of Financial Messages (SPFS), or Iran's System for Electronic Payment Messaging (SEPAM) for transactions.

- Terminating or prohibiting any correspondent accounts or payable-through accounts of offending financial institutions in the U.S., blocking all transactions involving property and visas of such institutions or their leadership within the United States or held by a U.S. person.

- Requiring a report from the U.S. Department of Treasury detailing the global usage of CIPS, SPFS, and SEPAM; assessing the risks these systems pose to U.S. national security; and providing recommendations to maintain and enhance U.S. influence in the global financial system.