Closing Loopholes in Russia Sanctions Act of 2022

Closing Loopholes in Russia Sanctions Act of 2022 This bill requires and authorizes various actions relating to digital assets, such as cryptocurrencies, and sanctions relating to Russia. Specifically, the bill (1) authorizes the President to impose sanctions on a foreign person (i.e., individual or entity) in the digital asset industry that facilitates transactions involving persons subject to U.S. sanctions relating to Russia; (2) prohibits digital asset exchanges from transacting with digital asset wallets or cryptocurrency addresses that are known to be, or could reasonably be known to be, affiliated with persons headquartered in Russia; and (3) requires U.S. taxpayers holding a certain amount of cryptocurrency in non-U.S. accounts to report such holdings to the Internal Revenue Service.