IB 
Union Calendar No. 277 
119TH CONGRESS 
1ST SESSION H. R. 4346 
[Report No. 119–324] 
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 institu-
tions, 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 
OCTOBER 3, 2025 
Additional sponsors: Mr. BARRETT, Mr. CONAWAY, and Mr. SUOZZI 
OCTOBER 3, 2025 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on July 10, 2025] 
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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 maintain-
ing in the United States of a correspondent account 
or a payable-through account by certain foreign financial 
institutions, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Preventing the Esca-
lation 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 resi-
dences. 
(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 Rus-
sia 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 Rus-
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sia and Ukraine, get to the table right now, before it 
is too late.’’. 
(4) Despite the President’s calls for a peace set-
tlement, Russia has continued to assault Ukraine, in-
cluding an April 4 missile attack on Kryvyi Rih that 
killed 20 people and an April 13 strike on Sumy re-
sulting in 35 deaths. 
(5) On May 25, 2025, Russia launched its larg-
est aerial attack of the war, deploying hundreds of 
drones and ballistic missiles throughout Ukrainian 
territory. 
(6) On May 27, 2025, the President posted on so-
cial 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 Ukrain-
ian targets. 
(8) On July 14, 2025, the President reiterated 
his displeasure with Putin and Moscow’s obstruction 
of the peace process. ‘‘I speak to [Putin] a lot about 
getting this thing done,’’ said the President while an-
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nouncing new weapons deliveries for Ukraine. ‘‘And 
I always hang up and say, ‘Well, that was a nice 
phone call’. And then missiles are launched into Kyiv 
or some other city.’’ The President continued, ‘‘Ulti-
mately talk doesn’t talk. It’s got to be action. It’s got 
to be results.’’. 
SEC. 3. SANCTIONS WITH RESPECT TO THE RUSSIAN FED-
ERATION. 
(a) IN GENERAL.—Not later than 180 days after the 
date of the enactment of this Act, the Secretary of the Treas-
ury 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 ac-
count by a foreign financial institution that knowingly pro-
vides significant financial services to— 
(1) any foreign person designated for the imposi-
tion of sanctions with respect to the Russian Federa-
tion under— 
(A) Executive Order 14024; or 
(B) title II of the Countering America’s Ad-
versaries through Sanctions Act (Public Law 
115–44) or an amendment made by that title; 
(2) a foreign financial institution subject to the 
prohibitions of Directive 2 under Executive Order 
14024; 
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(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 Federa-
tion. 
(b) PENALTIES.— 
(1) CIVIL PENALTY.—A person who violates, at-
tempts to violate, conspires to violate, or causes a vio-
lation 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 commis-
sion 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 
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