I 
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 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 
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. 
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’’. 
VerDate Sep 11 2014 
03:06 Jul 17, 2025
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H4346.IH
H4346
kjohnson on DSK7ZCZBW3PROD with $$_JOB
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) During the night of March 6–7, 2025, only 
one week after the President called for peace be-
tween Russia and Ukraine, the Russian military 
bombarded Ukrainian energy infrastructure and ci-
vilian residences. 
(2) DTEK, a Ukrainian gas producer, noted 
that the assault represented the sixth Russian attack 
on its Odesa facilities in just the preceding two and 
a half weeks. 
(3) On March 7, 2025, the President published 
the following statement: ‘‘Based on the fact that 
Russia is absolutely ‘pounding’ Ukraine on the bat-
tlefield right now, I am strongly considering large 
scale Banking Sanctions, Sanctions, and Tariffs on 
Russia until a Cease Fire and FINAL SETTLE-
MENT AGREEMENT ON PEACE IS REACHED. 
To Russia and Ukraine, get to the table right now, 
before it is too late.’’. 
(4) Despite the President’s calls for a peace set-
tlement, Russia has continued to assault Ukraine, 
including an April 4 missile attack on Kryvyi Rih 
that killed 20 people and an April 13 strike on 
Sumy resulting in 35 deaths. 
VerDate Sep 11 2014 
03:06 Jul 17, 2025
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H4346.IH
H4346
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(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 
social media with reference to Russian leader Vladi-
mir Putin: ‘‘He’s playing with fire!’’. 
(7) Hours after a July 3, 2025, call between 
the President and Putin, Russia carried out its larg-
est-yet aerial assault of the war against Kyiv. Less 
than one week later, following remarks by the Presi-
dent 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 FED-
ERATION. 
(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— 
VerDate Sep 11 2014 
03:06 Jul 17, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H4346.IH
H4346
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(1) any foreign person designated for the impo-
sition of sanctions with respect to the Russian Fed-
eration under— 
(A) Executive Orders 13660, 13661, 
13662, 13685, or 14024; or 
(B) title II of the Countering America’s 
Adversaries through Sanctions Act (Public Law 
114–44) or an amendment made by that title; 
(2) a foreign financial institution subject to the 
prohibitions of Directive 2 under Executive Order 
14024; 
(3) an entity listed in Annex 1 of Directive 3 
under Executive Order 14024; or 
(4) any foreign person that the Secretary finds 
operates in the energy sector of the Russian Federa-
tion. 
(b) PENALTIES.— 
(1) CIVIL PENALTY.—A person who violates, at-
tempts to violate, conspires to violate, or causes a 
violation of regulations prescribed under this sub-
section shall be subject to a civil penalty in an 
amount not to exceed the greater of— 
(A) $377,700; or 
VerDate Sep 11 2014 
03:06 Jul 17, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H4346.IH
H4346
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(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 will-
fully commits, willfully attempts to commit, or will-
fully 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, Hous-
ing, 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 
VerDate Sep 11 2014 
03:06 Jul 17, 2025
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H4346.IH
H4346
kjohnson on DSK7ZCZBW3PROD with $$_JOB
not more than 180 days at a time upon reporting to Con-
gress that— 
(1) the waiver advances the objective of resolv-
ing the national emergency described in any Execu-
tive Order listed under section 3(a)(1); or 
(2) the waiver is important to the national in-
terest of the United States, provided that the Presi-
dent includes a detailed explanation of the reasons 
therefor. 
SEC. 6. TERMINATION. 
This Act shall have no force or effect on the earlier 
of— 
(1) 30 days after the date that the President 
reports to Congress that the Russian Federation has 
ceased destabilizing activities with respect to the sov-
ereignty and territorial integrity of Ukraine; or 
(2) the date that is 5 years after the date of the 
enactment of this Act. 
Æ 
VerDate Sep 11 2014 
03:06 Jul 17, 2025
Jkt 059200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6301
E:\BILLS\H4346.IH
H4346
kjohnson on DSK7ZCZBW3PROD with $$_JOB