What This Bill Does
This bill directs the President to negotiate an agreement with other countries that have frozen Russian Central Bank assets. The agreement would move those frozen assets into a single account and use them to rebuild Ukraine after hostilities stop.
Who It Affects
The President of the United States, other countries that froze Russian Central Bank assets, international financial institutions, and Ukraine.
Key Provisions
• The President must seek an agreement to transfer frozen Russian Central Bank assets to one consolidated account at an international financial institution (Sec. 2(a)(1))
• The agreement must determine the total damage costs to Ukraine from the Russian invasion (Sec. 2(a)(2))
• The agreement must distribute the frozen assets to rebuild Ukraine once hostilities cease (Sec. 2(a)(3))
• The President can use emergency economic powers to carry out this law (Sec. 3(a))
• The President must create rules, licenses and orders needed to implement this law (Sec. 3(b))
What Changes
If this becomes law, the President gains authority to negotiate with other countries about using frozen Russian Central Bank assets for Ukraine's reconstruction. People who violate this law or its rules face penalties.
Important Definitions
"International financial institution" means a multilateral development institution as defined in a separate law called the International Financial Institutions Act (Sec. 2(b))
Effective Date
The law ends 120 days after the President certifies to Congress that hostilities between Russia and Ukraine have stopped (Sec. 4)
I
118TH CONGRESS
1ST SESSION H. R. 1254
To direct the President to seek to obtain an agreement between the United
States and other countries that have frozen the assets of the Central
Bank of the Russian Federation under which parties to the agreement
will use such assets to provide for the reconstruction of Ukraine upon
cessation of hostilities in Ukraine.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 28, 2023
Mr. MORELLE (for himself, Ms. KAPTUR, Mr. FITZPATRICK, and Mr. GOLDEN
of Maine) introduced the following bill; which was referred to the Com-
mittee on Foreign Affairs
A BILL
To direct the President to seek to obtain an agreement
between the United States and other countries that have
frozen the assets of the Central Bank of the Russian
Federation under which parties to the agreement will
use such assets to provide for the reconstruction of
Ukraine upon cessation of hostilities in Ukraine.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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•HR 1254 IH
SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Reparations for
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Ukraine through Sovereign nation Support and Integra-
3
tion Act’’ or the ‘‘RUSSIA Act’’.
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SEC. 2. AGREEMENT TO USE ASSETS OF THE CENTRAL
5
BANK OF THE RUSSIAN FEDERATION TO PRO-
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VIDE
FOR
THE
RECONSTRUCTION
OF
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UKRAINE.
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(a) IN GENERAL.—The President shall take such ac-
9
tion as may be necessary to seek to obtain an agreement
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between the United States and other countries that have
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frozen the assets of the Central Bank of the Russian Fed-
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eration under which parties to the agreement will—
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(1) transfer such assets to a single, consoli-
14
dated account at an appropriate international finan-
15
cial institution;
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(2) determine the total costs of damages to
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Ukraine resulting from the Russian Federation’s in-
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vasion of Ukraine;
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(3) distribute such assets to provide for the re-
20
construction of Ukraine upon cessation of hostilities
21
in Ukraine; and
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(4) take such other actions as may be necessary
23
carry out this section.
24
(b) DEFINITION.—In this section, the term ‘‘inter-
25
national financial institution’’ means a multilateral devel-
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•HR 1254 IH
opment institution (as defined in section 1701(c)(3) of the
1
International Financial Institutions Act).
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SEC. 3. IMPLEMENTATION; REGULATIONS; PENALTIES.
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(a) IMPLEMENTATION.—The President is authorized
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to exercise all authorities provided to the President under
5
the International Emergency Economic Powers Act (50
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U.S.C. 1701 et seq.) to carry out the purposes of this Act.
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(b) REGULATIONS.—The President shall issue such
8
regulation, licenses, and orders necessary to carry out this
9
Act.
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(c) PENALTIES.—
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(1) IN GENERAL.—A person that violates, at-
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tempts to violate, conspires to violate, or causes a
13
violation of this Act or any regulation, license, or
14
order issued to carry out this Act shall be subject to
15
the penalties set forth in subsections (b) and (c) of
16
section 206 of the International Emergency Eco-
17
nomic Powers Act (50 U.S.C. 1705) to the same ex-
18
tent as a person that commits an unlawful act de-
19
scribed in subsection (a) of that section.
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(2) USE OF AMOUNTS.—Notwithstanding any
21
of the provision of law, amounts received from pen-
22
alties imposed pursuant to paragraph (1) may be
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used to carry out the purposes of this Act.
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•HR 1254 IH
SEC. 4. TERMINATION.
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(a) IN GENERAL.—This Act shall terminate on the
2
date that is 120 days after the date on which the Presi-
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dent determines and certifies to the appropriate congres-
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sional committees that hostilities between the Russian
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Federation and Ukraine have ceased.
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(b) DEFINITION.—In this section, the term ‘‘appro-
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priate congressional committees’’ means the Committee on
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Foreign Affairs of the House of Representatives and the
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Committee on Foreign Relations of the Senate.
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Æ
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