The bill imposes extensive sanctions on Russia, targeting financial institutions, energy exports, and sovereign debt purchases, among others. It also includes measures related to the Armed Forces, blocked property, and critical infrastructure of Ukraine. The sanctions aim to exert pressure on Russia, restrict its access to US financial markets and energy sector, and address issues related to national security and international relations. The sanctions target persons affiliated with or supporting the Russian government, require regular review, prohibit specific transactions, and impose duties on countries facilitating Russian oil sanctions evasion. The bill outlines exceptions to the sanctions, a process for termination, and extends the Iran Sanctions Act of 1996 until 2031.