The bill requires the Secretary of the Treasury to issue regulations within 180 days that prohibit or impose strict conditions on the opening or maintenance of correspondent and payable‑through accounts by foreign financial institutions that provide significant services to entities designated under Executive Order 14024, the Countering America’s Adversaries through Sanctions Act, or that operate in the Russian energy sector. Violations trigger civil penalties up to the greater of $377,700 or twice the transaction amount, and criminal penalties of up to $1 million or 20 years’ imprisonment. The Treasury must also submit a report within 90 days identifying whether Gazprom, Rosneft, or Lukoil fall under the specified categories. The President may waive these restrictions for up to 180 days at a time, provided he reports to Congress that the waiver serves the national interest or advances the emergency described in the relevant executive orders. In addition, the act authorizes the Treasury to seize, confiscate, or transfer any covered Russian resources held by U.S. financial institutions within 90 days of enactment, depositing the proceeds into the Ukraine Support Fund for defense or other authorized uses. The President may waive this asset‑transfer requirement for up to 180 days at a time, with a cumulative limit of one year, if Russia takes meaningful steps to stop destabilizing activities or if the waiver is deemed vital to U.S. national interests. The legislation will terminate either five years after enactment or 30 days after the President reports that Russia has ceased destabilizing actions in Ukraine, whichever occurs first.