(1) IN GENERAL.—Not later than 90 days fol-
lowing the date of the enactment of this Act, the Sec-
retary of the Treasury shall— 
(A) seize, confiscate, transfer, or vest any 
covered Russian resources, in whole or in part, 
and including any interest or interests in such 
assets, held by a United States financial institu-
tion; and 
(B) deposit the resulting funds into the 
Ukraine Support Fund established under sub-
section 104(d) of the REPO for Ukrainians Act 
(22 U.S.C. 9521 note), which may be used for the 
purposes specified in section 104(f) of such Act 
or for the purchase of defense articles for the 
Government of Ukraine. 
(2) AUTHORITIES.—The Secretary of the Treas-
ury shall have the same authority under this sub-
section with respect to covered Russian resources as 
are provided to the President under section 104(b) of 
the REPO for Ukrainians Act (22 U.S.C. 9521 note) 
with respect to Russian aggressor state sovereign as-
sets. 
(b) WAIVER.—The President may waive the require-
ments of subsection (a) for up to 180 days at a time, for 
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a cumulative period not to exceed 1 year, upon reporting 
to Congress in writing that— 
(1) the Government of the Russian Federation is 
taking meaningful steps to cease its destabilizing ac-
tivities with respect to the sovereignty and territorial 
integrity of Ukraine; or 
(2) the waiver is important to the national in-
terest of the United States. 
(c) DEFINITIONS.—In this section: 
(1) COVERED RUSSIAN RESOURCES.—The term 
‘‘covered Russian resources’’ means funds and other 
property of the Central Bank of the Russian Federa-
tion, the Russian National Wealth Fund, or the Min-
istry of Finance of the Russian Federation that— 
(A) are included in a report pursuant to— 
(i) directive 4 of Executive Order 
14024; or 
(ii) section 104(a) of the REPO for 
Ukrainians Act (22 U.S.C. 9521 note); and 
(B) are located in the United States. 
(2) UNITED STATES FINANCIAL INSTITUTION.— 
The term ‘‘United States financial institution’’ 
means— 
(A) a financial institution specified in sub-
paragraph (A), (B), (C), (D), (E), (F), (G), (H), 
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(I), (J), (M), or (AA) section 5312(a)(2) of title 
31, United States Code, as amended by the Wil-
liam M. (Mac) Thornberry National Defense Au-
thorization Act for Fiscal Year 2021; and 
(B) such other persons or entities as the 
Secretary of the Treasury determines appro-
priate. 
SEC. 7. TERMINATION. 
This Act shall have no force or effect on the earlier 
of— 
(1) 30 days after the date that the President re-
ports to Congress that the Russian Federation has 
ceased destabilizing activities with respect to the sov-
ereignty and territorial integrity of Ukraine; or 
(2) the date that is 5 years after the date of the 
enactment of this Act. 
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Union Calendar No. 277 
119TH CONGRESS 
1ST SESSION 
H. R. 4346 
[Report No. 119–324] 
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 in-
stitutions, and for other purposes. 
OCTOBER 3, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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