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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4346 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 4346
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
_______________________________________________________________________
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.
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 Orders 13660, 13661, 13662, 13685, or
14024; or
(B) title II of the Countering America's
Adversaries through Sanctions Act (Public Law 114-44)
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 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 any 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. 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.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 1.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-324.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-324.
Placed on the Union Calendar, Calendar No. 277.
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