Financial transaction

Curtis introduces bill to stifle Russian energy sector and support US allies with domestic energy

washington d.c. – Today, Congressman Curtis presented the Unleashing Energy in Response to Putin’s Offenses Against Europeans Actor the EUROPE law.

the EUROPE law fills a loophole in Biden’s energy sanctions by isolating Russia’s oil and gas industry from the global market through secondary sanctions. It also supports our European allies by replacing their Russian gas with reliable American clean energy. This will be done by boosting domestic production, accelerating LNG exports to treaty allies, accelerating liquefied natural gas (LNG) terminals for export to treaty allies, and financing the construction of ‘clean energy.

“The world has a choice to make. We can either rely on Russia for energy or reverse our bad energy policies that reduce emissions and increase global security. My bill would replace the Russian oil and gas industry with American clean energy and block Putin from much of the global market through secondary sanctions and take steps to wean Europe and our other partners from Russian gas,” said Curtis. “Nearly 40% of Russia’s economy comes from oil and gas and this money directly funds Putin’s aggression against Ukraine and the world.”

The EUROPE Act:

  • Imposes “secondary sanctions” on the Russian oil and gas industry: secondary sanctions are sanctions against any foreign bank that engages in a financial transaction for the sale or purchase of oil or petroleum products to or from Russia.
  • This is what the United States has done to the Iranian oil industry, and it would effectively block Russian oil and gas from much of the world market.
  • Places countries with which the United States has a mutual defense treaty on the same level as countries with which the United States has a free trade agreement and ensures that exports are approved without modification or delay.
  • Accelerates FERC approval of terminals for LNG export to treaty allies.
  • Repeal the moratorium on oil and gas leases on public lands and offshore waters to boost domestic production.
  • Orders EXIM Bank to set aside significant funds to finance energy projects when a strategic competitor makes an offer or when the United States can provide a more environmentally friendly alternative. This could fund LNG ports, nuclear power plants and renewables.

For more on the bill, please read Congressman Curtis’ article editorial
in the Deseret News explaining his need.

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