(a)  In general

Except as provided by subsection (b), effective on the date that is 30 days after September 18, 2026, a depository institution (as defined in section 461(b)(1)(A) of title 12) or a broker or dealer in securities registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) may not process transfers of funds⁠—

(1)  to or from the Government of the Russian Federation, including any entity owned by the Government of the Russian Federation; or

(2)  for the direct or indirect benefit of officials of the Government of the Russian Federation.

(b)  Exception

A depository institution, broker, or dealer described in subsection (a) may process a transfer described in that subsection if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that is authorized by a specific or general license.