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International Affairs
Why This Matters
This bill amends the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act to improve how frozen Russian government assets are managed, invested, and used to support Ukraine.
Who this affects
Russian sovereign assets · US Department of State · US Department of Treasury · support for Ukraine
What changes is this bill making?
1Adds recognition of the Porto Declaration by OSCE (Organization for Security and Cooperation in Europe) states calling to repurpose about $300 billion in frozen Russian assets for Ukraine.
2Allows the President to transfer Russian sovereign assets into the Ukraine Support Fund without formal confiscation and hold them in an account that earns interest.
3Requires the Treasury to invest funds not needed for current use in US Treasury securities, with all interest and proceeds returned to the fund.
4Directs the Secretary of State to obligate at least $250 million from the fund every 90 days for assistance to Ukraine, with a process for the final smaller balance.
5Requires the President to report within 90 days on Russian assets held by covered countries (Australia, G7 (Group of Seven), EU (European Union)), including amounts and whether they are frozen or earning interest, and within 270 days on assets in other countries.
6Calls for diplomatic efforts to persuade covered countries to repurpose at least 5 percent of their Russian assets each quarter for the benefit of Ukraine.
7Makes technical and internal reference corrections to improve the law’s implementation.
