To impose sanctions with respect to certain Russian financial institutions.

Punishing Continued Occupation of Ukraine Act This bill directs the President to periodically determine whether Russia is in compliance with the Minsk agreement to halt the war in eastern Ukraine. If Russia is not in compliance with the agreement the President shall block and prohibit all transactions of U.S.-sited or -controlled property and property interests of at least three Russian financial institutions that are substantially affiliated with the Putin regime. (One of the financial institutions to be sanctioned is Vnesheconombank.) The President may terminate the application of sanctions upon submission to Congress of notice and justification for the termination.