S. 2978: Designating the Russian Federation as a State Sponsor of Terrorism Act

This bill is titled the "Designating the Russian Federation as a State Sponsor of Terrorism Act" and aims to formally classify the Russian Federation as a state sponsor of terrorism. Here are the main points about what the bill proposes:

Findings

The bill outlines several findings that justify the designation of Russia as a state sponsor of terrorism, including:

• The Russian Federation's aggressive military actions in Ukraine have led to significant civilian casualties, specifically targeting innocent individuals including children.
• Reports indicate that many Ukrainian children have been killed, wounded, or abducted since the onset of the invasion by Russia, with estimates of over 19,000 children displaced or taken to Russia.
• Actions aimed at ‘Russification’ of these children involve their deportation and indoctrination in an attempt to eradicate Ukrainian identity.
• The Russian government, under President Putin, has been accused of orchestrating attacks against civilian infrastructure and individuals both within Ukraine and across Europe, which has included acts of sabotage and attempted assassinations.
• International agencies have corroborated claims of war crimes and crimes against humanity committed by Russian forces against Ukrainian citizens.

Designation Process

The bill establishes a process for designating the Russian Federation as a state sponsor of terrorism:

• The Secretary of State must report to Congress within 60 days of the Act's effective date, confirming whether efforts have been made to reunite kidnapped Ukrainian children with their families and whether their reintegration into society is happening.
• If the Secretary cannot confirm these actions, the bill mandates the immediate designation of Russia as a state sponsor of terrorism under appropriate legal frameworks.

Rescission of Designation

The Secretary of State can rescind the terrorism designation if:

• It is confirmed that Russia has ceased supporting international terrorism over the last three months.
• All kidnapped Ukrainian children have been reunited with their families in a secure setting.
• The reintegration process for these children is ongoing.

Legal Implications

The bill outlines legal frameworks concerning the designation, including provisions for holding Russia accountable while also limiting the attachment of Russian sovereign assets in the U.S. as a response to the designation. However, it clarifies that this limitation does not affect the rights of terrorism victims to seek compensation from other sources under U.S. law.

Effective Date

This Act will take effect one day after it is enacted into law.

Relevant Companies

• AAPL (Apple Inc.) - Affected due to potential impacts on market stability and supply chain issues resulting from geopolitical tensions.
• GOOGL (Alphabet Inc.) - May face regulatory scrutiny and operational challenges in regions affected by the conflict.
• BA (Boeing Co.) - Potentially impacted by arms sales restrictions and changes to defense contracts due to the designation.