Russian asset

The bill, called the “Defending American Security from Kremlin Aggression Act of 2019” (DASKA) would level new sanctions against Russian oligarchs, against its banking sector, and against its sovereign debt (which the powerful California Public Employees Retirement System has hundreds of millions of dollars invested). It would also open the door to sanctioning Russia’s ship-building industry in response to the Kremlin’s capture of Ukrainian sailors and ships as they sailed through the Kerch Strait late last year. And it would sanction some crude oil development projects in Russia, as well as energy projects outside the country backed by Russian state-owned entities.

It would also aim to bring more transparency to purchases of high-end real estate, which many foreign nationals use to launder money into the U.S. And it would require that the State Department and the Intelligence Community report to Congress every 90 days on whether or not the Kremlin is meddling in U.S. elections.

That last provision drew pointed criticism from the Trump administration, which said it is “designed for failure.” It “seems impossible” to certify that the Kremlin isn’t meddling in U.S. elections, the letter says, noting that the executive branch always opposes requirements that it prove something isn’t happening.

[...]

“The United States can apply much more economic pain using this powerful range of authorities–and the Administration will not hesitate to do so if Russia’s conduct does not demonstrably and significantly change,” it says.

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Sen. Lindsey Graham—usually a staunch ally of the White House—introduced the legislation earlier this year. It’s designed to punish Russian individuals and companies over the Kremlin’s targeting of Ukraine, as well as its 2016 election interference in the U.S., its activities in Syria, and its attacks on dissidents.

[...]

The administration’s letter says it “strongly opposes” the bill unless it goes through a ton of changes. It argues the legislation is unnecessary and that it would harm America’s European allies–potentially fracturing transatlantic support for current U.S. sanctions on Russia. The bill “risks crippling the global energy, commodities, financial, and other markets,” the letter says, and would target “almost the entire range of foreign commercial activities with Russia.”

The Trump administration also argues that the bill would sanction Russian companies for starting their own new energy developments in Russia. And it argues the sanctions could target American banks operating in Russia and harm American asset managers.

[...]

Despite Trump’s strong opposition, the bill passed out of the Senate Foreign Relations Committee on Wednesday morning. Five senators opposed it, all Republicans: Chairman Jim Risch, Sen. Rand Paul, Sen. Johnny Isacson, Sen. John Barrasso, and Sen. Ron Johnson.

  Daily Beast

...but hey, do what you want...you will anyway.