RUSSIA Act
Bill: H.R.7724 | Sponsor: Rep. Morelle, Joseph D. (D-NY)
Policy area: International Affairs

Summary:
Reparations for Ukraine through Sovereign nation Support and Integration Act or the RUSSIA Act
This bill directs the President to seek to enter into an agreement with other countries that have frozen the assets of Russia's central bank to (1) transfer the frozen assets into a single account at an international financial institution, and (2) distribute such assets to provide for the reconstruction of Ukraine after the cessation of hostilities in Ukraine.

To direct the President to seek to obtain an agreement between the 
 United States and other countries that have frozen the assets of the 
   Central Bank of the Russian Federation under which parties to the 
  agreement will use such assets to provide for the reconstruction of 
           Ukraine upon cessation of hostilities in Ukraine.

    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 ``Reparations for Ukraine through 
Sovereign nation Support and Integration Act'' or the ``RUSSIA Act''.

SEC. 2. AGREEMENT TO USE ASSETS OF THE CENTRAL BANK OF THE RUSSIAN 
              FEDERATION TO PROVIDE FOR THE RECONSTRUCTION OF UKRAINE.

    (a) In General.--The President shall take such action as may be 
necessary to seek to obtain an agreement between the United States and 
other countries that have frozen the assets of the Central Bank of the 
Russian Federation under which parties to the agreement will--
            (1) transfer such assets to a single, consolidated account 
        at an appropriate international financial institution;
            (2) determine the total costs of damages to Ukraine 
        resulting from the Russian Federation's invasion of Ukraine;
            (3) distribute such assets to provide for the 
        reconstruction of Ukraine upon cessation of hostilities in 
        Ukraine; and
            (4) take such other actions as may be necessary carry out 
        this section.
    (b) Definition.--In this section, the term ``international 
financial institution'' means a multilateral development institution 
(as defined in section 1701(c)(3) of the International Financial 
Institutions Act).

SEC. 3. IMPLEMENTATION; REGULATIONS; PENALTIES.

    (a) Implementation.--The President is authorized to exercise all 
authorities provided to the President under the International Emergency 
Economic Powers Act (50 U.S.C. 1701 et seq.) to carry out the purposes 
of this Act.
    (b) Regulations.--The President shall issue such regulation, 
licenses, and orders necessary to carry out this Act.
    (c) Penalties.--
            (1) In general.--A person that violates, attempts to 
        violate, conspires to violate, or causes a violation of this 
        Act or any regulation, license, or order issued to carry out 
        this Act shall be subject to the penalties set forth in 
        subsections (b) and (c) of section 206 of the International 
        Emergency Economic Powers Act (50 U.S.C. 1705) to the same 
        extent as a person that commits an unlawful act described in 
        subsection (a) of that section.
            (2) Use of amounts.--Notwithstanding any of the provision 
        of law, amounts received from penalties imposed pursuant to 
        paragraph (1) may be used to carry out the purposes of this 
        Act.

SEC. 4. TERMINATION.

    (a) In General.--This Act shall terminate on the date that is 120 
days after the date on which the President determines and certifies to 
the appropriate congressional committees that hostilities between the 
Russian Federation and Ukraine have ceased.
    (b) Definition.--In this section, the term ``appropriate 
congressional committees'' means the Committee on Foreign Affairs of 
the House of Representatives and the Committee on Foreign Relations of 
the Senate.
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