[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2918 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2918
To amend the Rebuilding Economic Prosperity and Opportunity for
Ukrainians Act to improve the implementation of the seizure of Russian
sovereign assets for the benefit of Ukraine, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 19 (legislative day, September 16), 2025
Mr. Whitehouse (for himself, Mr. Risch, Mrs. Shaheen, Mr. Grassley, Mr.
Blumenthal, and Mr. Graham) introduced the following bill; which was
read twice and referred to the Committee on Foreign Relations
_______________________________________________________________________
A BILL
To amend the Rebuilding Economic Prosperity and Opportunity for
Ukrainians Act to improve the implementation of the seizure of Russian
sovereign assets for the benefit of Ukraine, 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 ``REPO for Ukrainians Implementation
Act of 2025'' or the ``REPO Implementation Act of 2025''.
SEC. 2. RECOGNITION OF PORTO DECLARATION OF ORGANIZATION FOR SECURITY
AND CO-OPERATION IN EUROPE.
Section 101(a) of the Rebuilding Economic Prosperity and
Opportunity for Ukrainians Act (division F of Public Law 118-50; 22
U.S.C. 9521 note) is amended by adding at the end the following:
``(10) Every member of the European Union, including
Belgium, and all but one member of the G7, are also
participating states of the Organization for Security and
Cooperation in Europe.
``(11) On July 3, 2025, the Parliamentary Assembly of the
Organization for Security and Cooperation in Europe adopted
unanimously in plenary session the Porto Declaration, which
`[c]alls on OSCE participating States to unlock the full value
of an estimated U.S. $300 billion in Russian sovereign assets
frozen across the region by repurposing the underlying
principal, in sizeable increments and on a regular and timely
schedule, for Ukraine until the Russian Federation ends its
aggression and agrees to compensate Ukraine for damages
directly resulting from the war'.''.
SEC. 3. TRANSFER OF ASSETS TO UKRAINE SUPPORT FUND.
Section 104(b)(2) of the Rebuilding Economic Prosperity and
Opportunity for Ukrainians Act (division F of Public Law 118-50; 22
U.S.C. 9521 note) is amended--
(1) in the heading, by striking ``Vesting'' and inserting
``Status of assets'';
(2) by striking ``For funds confiscated'' and inserting the
following:
``(A) Vesting of confiscated funds.--For funds
confiscated''; and
(3) by adding at the end the following:
``(B) Transfer of funds not confiscated.--For the
purpose of placing Russian aggressor state sovereign
assets into an interest-bearing account, the President
may transfer such funds into the Ukraine Support Fund
without confiscating such funds.''.
SEC. 4. INVESTMENT OF AMOUNTS IN UKRAINE SUPPORT FUND.
(a) In General.--Section 104(d) of the Rebuilding Economic
Prosperity and Opportunity for Ukrainians Act (division F of Public Law
118-50; 22 U.S.C. 9521 note) is amended--
(1) in paragraph (1)--
(A) by striking ``of any funds'' and inserting the
following: ``of--
``(A) any funds'';
(B) by striking the period at the end and inserting
``; and''; and
(C) by adding at the end the following:
``(B) any amounts that may be credited to the
account under paragraph (3).''; and
(2) by adding at the end the following:
``(3) Investment of amounts.--
``(A) Investment of amounts.--The Secretary of the
Treasury shall invest such portion of the account
established under paragraph (1) as is not required to
meet current withdrawals in interest-bearing
obligations of the United States or in obligations
guaranteed as to both principal and interest by the
United States.
``(B) Interest and proceeds.--The interest on, and
the proceeds from the sale or redemption of, any
obligations held in the account established under
paragraph (1) shall be credited to and form a part of
the account.''.
(b) Implementation.--The President shall ensure that funds in the
Ukraine Support Fund established under section 104(d) of the Rebuilding
Economic Prosperity and Opportunity for Ukrainians Act are invested as
required by paragraph (3) of that section, as added by subsection (a),
by not later than the date that is 45 days after the date of the
enactment of this Act.
SEC. 5. QUARTERLY OBLIGATION OF FUNDS IN UKRAINE SUPPORT FUND TO
BENEFIT UKRAINE.
(a) In General.--Section 104(f) of the Rebuilding Economic
Prosperity and Opportunity for Ukrainians Act (division F of Public Law
118-50; 22 U.S.C. 9521 note) is amended by adding at the end the
following:
``(4) Quarterly obligations.--
``(A) In general.--Not less frequently than every
90 days while funds remain in the Ukraine Support Fund,
the Secretary of State may obligate and expend, from
the Fund, an amount that is not less than $250,000,000
(except as provided by subparagraph (B)) for the
purpose of providing assistance to Ukraine under this
subsection.
``(B) Final amounts in fund.--When less than
$250,000,000 remains in the Fund, the Secretary of
State may obligate and expend the remaining amount for
the purpose of providing assistance to Ukraine under
this subsection.''.
(b) Implementation.--It is the sense of Congress that the President
should ensure that the first obligation of amounts pursuant to
paragraph (4) of section 104(f) of the Rebuilding Economic Prosperity
and Opportunity for Ukrainians Act, as added by subsection (a), occurs
not later than the date that is 60 days after the date on which Russian
sovereign assets are deposited in the Ukraine Support Fund.
SEC. 6. ENGAGEMENT WITH CERTAIN FOREIGN COUNTRIES.
(a) In General.--Title II of the Rebuilding Economic Prosperity and
Opportunity for Ukrainians Act (division F of Public Law 118-50; 22
U.S.C. 9521 note) is amended by adding at the end the following:
``SEC. 109. ENGAGEMENT WITH FOREIGN COUNTRIES.
``(a) Reports Required.--
``(1) Covered country report.--Not later than 90 days after
the date of the enactment of the REPO for Ukrainians
Implementation Act of 2025, the President shall submit to the
appropriate congressional committees a report specifying--
``(A) the covered countries in which Russian
sovereign assets are located;
``(B) the amount of such assets in each such
country; and
``(C) a description of such assets, including--
``(i) whether or not such assets are
frozen, blocked, or immobilized; and
``(ii) whether or not such assets are
accruing interest.
``(2) Report on non-covered countries.--Not later than 270
days after the date of the enactment of the REPO for Ukrainians
Implementation Act of 2025, the President shall submit to the
appropriate congressional committees a report specifying--
``(A) the foreign countries that are not covered
countries in which Russian sovereign assets are
located;
``(B) the amount of such assets in each such
country; and
``(C) a description of such assets, including--
``(i) whether or not such assets are
frozen, blocked, or immobilized; and
``(ii) whether or not such assets are
accruing interest.
``(3) Form.--The reports required by paragraphs (1) and (2)
shall be submitted in unclassified form but may include a
classified annex.
``(b) Sense of Congress on Engagement.--Not later than 30 days
after the date of the enactment of the REPO for Ukrainians
Implementation Act of 2025, the Secretary of State, in coordination
with the Secretary of the Treasury, should commence a robust,
sustained, diplomatic effort to persuade the government of each covered
country to begin repurposing, on a quarterly basis, an amount that is
not less than 5 percent of the Russian sovereign assets located in that
country for the benefit of Ukraine.
``(c) Covered Country Defined.--In this section, the term `covered
country' means Australia and any country that is a member of the G7 or
the European Union, other than the United States.''.
(b) Clerical Amendment.--The table of contents in section 1 of the
Rebuilding Economic Prosperity and Opportunity for Ukrainians Act
(division F of Public Law 118-50; 22 U.S.C. 9521 note) is amended by
inserting after the item relating to section 108 the following:
``Sec. 109. Engagement with foreign countries.''.
SEC. 7. MODIFICATION OF JUDICIAL REVIEW PROVISION.
Section 104(k) of the Rebuilding Economic Prosperity and
Opportunity for Ukrainians Act (division F of Public Law 118-50; 22
U.S.C. 9521 note) is amended by striking ``this section'' each place it
appears and inserting ``this division''.
SEC. 8. TECHNICAL CORRECTIONS.
The Rebuilding Economic Prosperity and Opportunity for Ukrainians
Act (division F of Public Law 118-50; 22 U.S.C. 9521 note) is amended--
(1) in section 2(2), by striking ``paragraph (7)'' and
inserting ``paragraph (6)'';
(2) in section 101(a)--
(A) in paragraph (4), by striking ``deplore[d]''
and inserting ``[d]eplore[d]''; and
(B) in paragraph (6), in the matter preceding
subparagraph (A), by striking ``a resolution'' and
inserting ``Resolution ES-11/5'';
(3) in section 102(6), by striking the period at the end
and inserting a semicolon;
(4) in section 103(a), in the matter preceding paragraph
(1), by striking ``section 104(j)'' and inserting ``section
104(l)'';
(5) in section 104--
(A) in subsection (a), by striking ``section
501.603(b)(ii)'' and inserting ``section
501.603(b)(1)(ii)'';
(B) in subsection (d)(2), by striking ``accounts''
and inserting ``account''; and
(C) in subsection (f)(1), by striking ``Funds'' and
inserting ``funds''; and
(6) in section 105--
(A) in subsection (a), in the matter preceding
paragraph (1), by striking ``section 104(c)'' and
inserting ``section 104(d)'';
(B) in subsection (b), by striking ``section
104(f)'' and inserting ``section 104(g)''; and
(C) in subsection (f), by striking ``subsection
(c)(2)'' and inserting ``subsection (c)''.
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