[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4346 Reported in House (RH)]
<DOC>
Union Calendar No. 277
119th CONGRESS
1st Session
H. R. 4346
[Report No. 119-324]
To secure a peaceful resolution to the Russia-Ukraine conflict by
requiring the Secretary of the Treasury to prohibit, or impose strict
conditions on, the opening or maintaining in the United States of a
correspondent account or a payable-through account by certain foreign
financial institutions, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 10, 2025
Mr. Nunn of Iowa (for himself and Mr. Gottheimer) introduced the
following bill; which was referred to the Committee on Financial
Services
October 3, 2025
Additional sponsors: Mr. Barrett, Mr. Conaway, and Mr. Suozzi
October 3, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on July
10, 2025]
_______________________________________________________________________
A BILL
To secure a peaceful resolution to the Russia-Ukraine conflict by
requiring the Secretary of the Treasury to prohibit, or impose strict
conditions on, the opening or maintaining in the United States of a
correspondent account or a payable-through account by certain foreign
financial institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Preventing the Escalation of Armed
Conflict in Europe Act of 2025'' or the ``PEACE Act of 2025''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) During the night of March 6-7, 2025, only one week
after the President called for peace between Russia and
Ukraine, the Russian military bombarded Ukrainian energy
infrastructure and civilian residences.
(2) DTEK, a Ukrainian gas producer, noted that the assault
represented the sixth Russian attack on its Odesa facilities in
just the preceding two and a half weeks.
(3) On March 7, 2025, the President published the following
statement: ``Based on the fact that Russia is absolutely
`pounding' Ukraine on the battlefield right now, I am strongly
considering large scale Banking Sanctions, Sanctions, and
Tariffs on Russia until a Cease Fire and FINAL SETTLEMENT
AGREEMENT ON PEACE IS REACHED. To Russia and Ukraine, get to
the table right now, before it is too late.''.
(4) Despite the President's calls for a peace settlement,
Russia has continued to assault Ukraine, including an April 4
missile attack on Kryvyi Rih that killed 20 people and an April
13 strike on Sumy resulting in 35 deaths.
(5) On May 25, 2025, Russia launched its largest aerial
attack of the war, deploying hundreds of drones and ballistic
missiles throughout Ukrainian territory.
(6) On May 27, 2025, the President posted on social media
with reference to Russian leader Vladimir Putin: ``He's playing
with fire!''.
(7) Hours after a July 3, 2025 call between the President
and Putin, Russia carried out its largest-yet aerial assault of
the war against Kyiv. Less than one week later, following
remarks by the President at a Cabinet meeting criticizing
Putin, Russia launched an even more expansive drone strike
against Ukrainian targets.
(8) On July 14, 2025, the President reiterated his
displeasure with Putin and Moscow's obstruction of the peace
process. ``I speak to [Putin] a lot about getting this thing
done,'' said the President while announcing new weapons
deliveries for Ukraine. ``And I always hang up and say, `Well,
that was a nice phone call'. And then missiles are launched
into Kyiv or some other city.'' The President continued,
``Ultimately talk doesn't talk. It's got to be action. It's got
to be results.''.
SEC. 3. SANCTIONS WITH RESPECT TO THE RUSSIAN FEDERATION.
(a) In General.--Not later than 180 days after the date of the
enactment of this Act, the Secretary of the Treasury shall prescribe
regulations to prohibit, or impose strict conditions on, the opening or
maintaining in the United States of a correspondent account or a
payable-through account by a foreign financial institution that
knowingly provides significant financial services to--
(1) any foreign person designated for the imposition of
sanctions with respect to the Russian Federation under--
(A) Executive Order 14024; or
(B) title II of the Countering America's
Adversaries through Sanctions Act (Public Law 115-44)
or an amendment made by that title;
(2) a foreign financial institution subject to the
prohibitions of Directive 2 under Executive Order 14024;
(3) an entity listed in Annex 1 of Directive 3 under
Executive Order 14024; or
(4) any foreign person that the Secretary finds operates in
the energy sector of the Russian Federation.
(b) Penalties.--
(1) Civil penalty.--A person who violates, attempts to
violate, conspires to violate, or causes a violation of
regulations prescribed under this subsection shall be subject
to a civil penalty in an amount not to exceed the greater of--
(A) $377,700; or
(B) an amount that is twice the amount of the
transaction that is the basis of the violation with
respect to which the penalty is imposed.
(2) Criminal penalty.--A person who willfully commits,
willfully attempts to commit, or willfully conspires to commit,
or aids or abets in the commission of, a violation of
regulations prescribed under this subsection shall, upon
conviction, be fined not more than $1,000,000, or if a natural
person, may be imprisoned for not more than 20 years, or both.
SEC. 4. DETERMINATION REQUIRED.
Not later than 90 days after the date of enactment of this Act, the
Secretary of the Treasury shall submit a report to the Committee on
Financial Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate determining whether
the following are foreign persons described under section 3(a)(4):
(1) Gazprom.
(2) Rosneft.
(3) Lukoil.
SEC. 5. WAIVER.
With respect to a foreign financial institution, the President may
waive the requirements of section 3(a) for not more than 180 days at a
time upon reporting to Congress that--
(1) the waiver advances the objective of resolving the
national emergency described in the Executive Order listed
under section 3(a)(1); or
(2) the waiver is important to the national interest of the
United States, provided that the President includes a detailed
explanation of the reasons therefor.
SEC. 6. TRANSFER OF CERTAIN RUSSIAN ASSETS HELD BY UNITED STATES
FINANCIAL INSTITUTIONS.
(a) Transfer From United States Financial Institutions.--
(1) In general.--Not later than 90 days following the date
of the enactment of this Act, the Secretary of the Treasury
shall--
(A) seize, confiscate, transfer, or vest any
covered Russian resources, in whole or in part, and
including any interest or interests in such assets,
held by a United States financial institution; and
(B) deposit the resulting funds into the Ukraine
Support Fund established under subsection 104(d) of the
REPO for Ukrainians Act (22 U.S.C. 9521 note), which
may be used for the purposes specified in section
104(f) of such Act or for the purchase of defense
articles for the Government of Ukraine.
(2) Authorities.--The Secretary of the Treasury shall have
the same authority under this subsection with respect to
covered Russian resources as are provided to the President
under section 104(b) of the REPO for Ukrainians Act (22 U.S.C.
9521 note) with respect to Russian aggressor state sovereign
assets.
(b) Waiver.--The President may waive the requirements of subsection
(a) for up to 180 days at a time, for a cumulative period not to exceed
1 year, upon reporting to Congress in writing that--
(1) the Government of the Russian Federation is taking
meaningful steps to cease its destabilizing activities with
respect to the sovereignty and territorial integrity of
Ukraine; or
(2) the waiver is important to the national interest of the
United States.
(c) Definitions.--In this section:
(1) Covered russian resources.--The term ``covered Russian
resources'' means funds and other property of the Central Bank
of the Russian Federation, the Russian National Wealth Fund, or
the Ministry of Finance of the Russian Federation that--
(A) are included in a report pursuant to--
(i) directive 4 of Executive Order 14024;
or
(ii) section 104(a) of the REPO for
Ukrainians Act (22 U.S.C. 9521 note); and
(B) are located in the United States.
(2) United states financial institution.--The term ``United
States financial institution'' means--
(A) a financial institution specified in
subparagraph (A), (B), (C), (D), (E), (F), (G), (H),
(I), (J), (M), or (AA) section 5312(a)(2) of title 31,
United States Code, as amended by the William M. (Mac)
Thornberry National Defense Authorization Act for
Fiscal Year 2021; and
(B) such other persons or entities as the Secretary
of the Treasury determines appropriate.
SEC. 7. TERMINATION.
This Act shall have no force or effect on the earlier of--
(1) 30 days after the date that the President reports to
Congress that the Russian Federation has ceased destabilizing
activities with respect to the sovereignty and territorial
integrity of Ukraine; or
(2) the date that is 5 years after the date of the
enactment of this Act.
Union Calendar No. 277
119th CONGRESS
1st Session
H. R. 4346
[Report No. 119-324]
_______________________________________________________________________
A BILL
To secure a peaceful resolution to the Russia-Ukraine conflict by
requiring the Secretary of the Treasury to prohibit, or impose strict
conditions on, the opening or maintaining in the United States of a
correspondent account or a payable-through account by certain foreign
financial institutions, and for other purposes.
_______________________________________________________________________
October 3, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed