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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 25, 2017.
No Russia Exemptions for Oil Production Act or the No REX Act
This bill prohibits the Department of the Treasury from providing licenses or other authorization for U.S. persons to engage in activities relating to deepwater, Arctic offshore, or shale projects that may produce oil in Russia or within its maritime jurisdiction.Executive Order 13662 (relating to blocking property of additional persons contributing to the situation in Ukraine) authorized Treasury to prevent U.S. persons from engaging in business with Russia in various sectors, including the energy sector.
Additionally, the bill nullifies any license or other authorization to engage in prohibited activities issued before the enactment of this bill.