If the President approves of the legislation, it is signed and becomes law. After this, the bill is sent to the President. The proposed bill still has to become law, and to be read and voted on by both the House and Senate who need to give approval. The decision reveals the larger conflict occuring externally from the regional Russia-Ukraine situation вЂ“ a wider, global struggle between the United States, China and Russia over a reset of the global world order, and the United States desire to impose its will on other nations and bend them to its global policies and ideologies. influence in the global financial system.Д®ssentially the bill would also bring all Chinese global financial transactions under the veto power of the United States, and could be later extended to include other countries who trade with Russia as well. national security, and recommendations to preserve and strengthen U.S. Require a report from Treasury outlining the scope and usage of CIPS and SPFS around the world, the risks of widespread adoption of these systems to U.S.

Include sanctions that would terminate or prohibit any correspondent accounts or payable-through accounts of offending Chinese financial institutions in the U.S., or block all transactions in property of such institutions in the United States or in the possession of a U.S.Direct the Secretary of the Treasury to impose sanctions on any Chinese financial institution that uses CIPS or SPFS to verify or conduct a transaction with any Russian financial institution or a financial institution in Russia-controlled territories.The proposed bill would permit the following actions: We must pass the CURB CIPS Act to ensure Russian financial institutions are held accountable, and risk to our world economy will be mitigated.вЂќ It is a powerful and desperately needed disincentive to keep the Chinese Communist Party from deepening ties with the Kremlin and undermining international efforts to punish Vladimir Putin. financial system if they choose to transact with Russian banks using Chinese or Russian financial messaging systems. вЂњMy bill would make it nearly impossible for Chinese banks to access the U.S. вЂњWe cannot allow China to become a safe haven for Russian firms seeking to avoid international sanctions,вЂќ Rubio said. The bill would freeze or terminate any U.S.based accounts connected to Chinese financial institutions вЂ“ or block the U.S.-based property of such institutions вЂ“ that engage in transactions with a Russian financial institution using either CIPS or SPFS. Senators Marco Rubio, Rick Scott, and Todd Young introduced the Crippling Unhinged Russian Belligerence and Chinese Involvement in PutinвЂ™s Schemes (CURB CIPS) Act or the вЂњCURB CIPS Act of 2022вЂќ to sanction Chinese financial institutions that conduct transactions with any Russian financial institutions using alternative financial messaging systems (including ChinaвЂ™s CIPs system and RussiaвЂ™s SPFS network) to the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The move came just prior to a White House warning to Beijing that President Biden would question Xi about BeijingвЂ™s вЂњrhetorical supportвЂќ of Putin and an вЂњabsence of denunciationвЂќ of RussiaвЂ™s invasion of Ukraine on FridayвЂ™s conversation between Biden and Xi. The bill aims to deflect a challenge from China and Russia to dedollarize global finance. Chinese banks that use CIPS for cross-border payments with Russia will be removed from the SWIFT network. US senators have introduced a new bill that prevents China from using CIPS вЂ“ its SWIFT alternative вЂ“ to conduct financial transactions with Russia.

Proposed вЂњCURB CIPS Act of 2022вЂќ Would Have Serious Global Implications And Cause China A Loss Of Economic Sovereignity

Linkedin pauses new signups china to