II 

118TH CONGRESS 

2D SESSION S. 4086 

To authorize the confiscation and repurposing of blocked assets of the Central 

Bank of the Russian Federation. 

IN THE SENATE OF THE UNITED STATES 

APRIL 9, 2024 

Mr. DAINES (for himself and Mr. CRAMER) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To authorize the confiscation and repurposing of blocked 

assets of the Central Bank of the Russian Federation. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. RECOGNITION OF NATIONAL EMERGENCY; 

4 FINDINGS. 

5 Congress recognizes the national emergency declared 

6 and expanded under the covered Executive orders and 

7 makes the following findings: 

8 (1) On February 24, 2022, the Government of 

9 the Russian Federation violated the sovereignty and 


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1 territorial integrity of Ukraine by engaging in a pre2 meditated, second illegal invasion of Ukraine. 

3 (2) The international community has con4 demned the illegal invasions of Ukraine by the Rus5 sian Federation, as well as the commission of war 

6 crimes by the Russian Federation, including through 

7 the deliberate targeting of civilians and civilian in8 frastructure and the commission of sexual violence. 

9 (3) As described in the statement of the leaders 

10 of the Group of Seven on the invasion of Ukraine by 

11 armed forces of the Russian Federation, issued on 

12 February 24, 2022, the Russian Federation’s 

13 ‘‘unprovoked and completely unjustified attack on 

14 the democratic state of Ukraine’’ represents a ‘‘seri15 ous violation of international law and a grave breach 

16 of the United Nations Charter and all commitments 

17 Russia entered in the Helsinki Final Act and the 

18 Charter of Paris and its commitments in the Buda19 pest Memorandum’’. 

20 (4) The total of the efforts of the international 

21 community, including sanctions, price caps, and 

22 asset seizures, and the combined contributions of 

23 more than $90,000,000,000 worth of military sup24 port to Ukraine, have not deterred the Russian FedVerDate Sep 11 2014 23:05 Apr 14, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4086.IS S4086

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1 eration from instigating and continuing international 

2 aggression. 

3 (5) On March 2, 2022, the United Nations 

4 General Assembly adopted Resolution ES–11/1, enti5 tled ‘‘Aggression against Ukraine’’, by a vote of 141 

6 to 5. That resolution ‘‘deplore[d] in the strongest 

7 terms the aggression by the Russian Federation 

8 against Ukraine in violation of Article 2(4) of the 

9 [United Nations] Charter’’ and demanded that the 

10 Russian Federation ‘‘immediately cease its use of 

11 force against Ukraine’’ and ‘‘immediately, completely 

12 and unconditionally withdraw all of its military 

13 forces from the territory of Ukraine within its inter14 nationally recognized borders’’. 

15 (6) On November 14, 2022, the United Nations 

16 General Assembly adopted Resolution ES–11/5— 

17 (A) recognizing that the Russian Federa18 tion ‘‘must bear the legal consequences of all of 

19 its internationally wrongful acts, including mak20 ing reparation for the injury, including any 

21 damage, caused by such acts’’; 

22 (B) recognizing ‘‘the need for the estab23 lishment . . . of an international mechanism 

24 for reparation for damage, loss or injury’’ 


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1 caused by the Russian Federation in Ukraine; 

2 and 

3 (C) recommending ‘‘the creation . . . of an 

4 international register’’ of such damage, loss, or 

5 injury. 

6 (7) On March 17, 2023, the International 

7 Criminal Court issued a warrant for the arrest of 

8 Russian President Vladimir Putin relating to the fol9 lowing war crimes: 

10 (A) Unlawful deportation of population 

11 (children) in violation of article 8(2)(a)(vii) of 

12 the Rome Statute. 

13 (B) Unlawful transfer of population (chil14 dren) from occupied areas of Ukraine to the 

15 Russian Federation in violation of article 

16 8(2)(a)(vii) of the Rome Statute. 

17 SEC. 2. AUTHORITY TO CONFISCATE BLOCKED ASSETS OF 

18 THE CENTRAL BANK OF THE RUSSIAN FED19 ERATION. 

20 (a) SENSE OF CONGRESS.—It is the sense of Con21 gress that— 

22 (1) efforts to repurpose assets of the Govern23 ment of the Russian Federation are not being taken 

24 lightly; 


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1 (2) policies of the United States in effect before 

2 the date of the enactment of this Act have failed to 

3 persuade the Government of the Russian Federation 

4 to cease hostilities; and 

5 (3) the facts set forth in subsection (b) justify 

6 the authorization provided by this Act to confiscate 

7 and repurpose assets of the Government of the Rus8 sian Federation. 

9 (b) FINDINGS.—Congress makes the following find10 ings: 

11 (1) The Government of the Russian Federation 

12 is committing acts of international aggression that 

13 directly or indirectly threaten the national security 

14 of the United States and other members of the 

15 North Atlantic Treaty Organization. 

16 (2) The Government of the Russian Federation 

17 is actively conducting activities that undermine the 

18 peace, security, political stability, and territorial in19 tegrity of the United States or allies or partners of 

20 the United States. 

21 (3) The Government of the Russian Federation 

22 is pursuing deceptive or structured transactions or 

23 dealings to circumvent sanctions imposed by the 

24 United States, including through the use of digital 

25 currencies or assets or the use of physical assets. 


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1 (4) The International Criminal Court has 

2 issued a warrant for the arrest of the President of 

3 the Russian Federation. 

4 (5) The United Nations General Assembly has 

5 adopted a resolution demanding for the cessation of 

6 hostilities by the Russian Federation against the 

7 sovereign state of Ukraine. 

8 (6) President Joseph R. Biden has declared a 

9 national emergency and issued not less than 4 Exec10 utive orders to deter aggression against Ukraine by 

11 the Russian Federation. 

12 (c) AUTHORIZATION OF CONFISCATION.— 

13 (1) IN GENERAL.—The President may con14 fiscate, through instructions or licenses or in such 

15 other manner as the President determines appro16 priate, funds of the Central Bank of the Russian 

17 Federation that are subject to the jurisdiction of the 

18 United States and are blocked pursuant to a covered 

19 Executive order. 

20 (2) VESTING.—All right, title, and interest in 

21 funds confiscated under paragraph (1) shall vest in 

22 the Government of the United States. 

23 (3) DEPOSITS.—The President shall deposit 

24 funds confiscated under paragraph (1) into the fund 

25 established under section 3. 


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1 SEC. 3. INTERNATIONAL RESPONSE FUND. 

2 (a) ESTABLISHMENT.—The President shall establish 

3 a non-interest-bearing account, to be known as the ‘‘Inter4 national Response Fund’’ (in this section referred to as 

5 the ‘‘Fund’’), to consist of— 

6 (1) amounts deposited into the account under 

7 section 2(c); or 

8 (2) amounts contributed by countries that are 

9 allies or partners of the United States. 

10 (b) AVAILABILITY AND USE OF FUNDS.—Amounts in 

11 the Fund shall be available, to the agencies and in the 

12 amounts provided in appropriations Acts making supple13 mental appropriations for assistance and activities related 

14 to Ukraine— 

15 (1) to finance the provision of materials to 

16 Ukraine that have direct application to ongoing ter17 ritorial defense of Ukraine by Ukrainian and inter18 national forces; or 

19 (2) to compensate such agencies for materials 

20 described in paragraph (1) provided to Ukraine be21 fore the date of the enactment of this Act. 

22 (c) REPORTS REQUIRED.— 

23 (1) IN GENERAL.—Not later than 90 days after 

24 the date of the enactment of this Act, and every 90 

25 days thereafter, the President shall submit to Con26 gress a report— 


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1 (A) specifying the amounts in the Fund 

2 obligated during the 90-day period preceding 

3 submission of the report; and 

4 (B) describing the materials procured 

5 using such amounts. 

6 (2) FORM.—Each report required by paragraph 

7 (1) shall be submitted in unclassified form but may 

8 include a classified annex. 

9 SEC. 4. RULES OF CONSTRUCTION. 

10 Nothing in this Act may be construed— 

11 (1) to affect the authorities of the President 

12 under the International Emergency Economic Pow13 ers Act (50 U.S.C. 1701 et seq.); or 

14 (2) to authorize the provisions of funds to 

15 Ukraine to repay loans made to Ukraine by other 

16 countries. 

17 SEC. 5. DEFINITION OF COVERED EXECUTIVE ORDER. 

18 In this Act, the term ‘‘covered Executive order’’ 

19 means any of the following: 

20 (1) Executive Order 14024 (50 U.S.C. 1701 

21 note; relating to blocking property with respect to 

22 specified harmful foreign activities of the Govern23 ment of the Russian Federation). 

24 (2) Executive Order 14065 (50 U.S.C. 1701 

25 note; relating to blocking property of certain persons 


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1 and prohibiting certain transactions with respect to 

2 continued Russian efforts to undermine the sov3 ereignty and territorial integrity of Ukraine). 

4 (3) Executive Order 14068 (50 U.S.C. 1701 

5 note; relating to prohibiting certain imports, exports, 

6 and new investment with respect to continued Rus7 sian Federation aggression). 

8 (4) Executive Order 14071 (50 U.S.C. 1701 

9 note; relating to prohibiting new investment in and 

10 certain services to the Russian Federation in re11 sponse to continued Russian Federation aggression). 

Æ 


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