119-hr4301

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4301 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 4301

 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 institutions, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 July 7, 2025

 Mr. Nunn of Iowa (for himself and Mr. Gottheimer) introduced the 
following bill; which was referred to the Committee on Foreign Affairs, 
and in addition to the Committee on Financial Services, for a period to 
 be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
 committee concerned

_______________________________________________________________________

 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 institutions, and for other purposes.

 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 ``Preventing the Escalation 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 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 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 Russia and Ukraine, get to 
 the table right now, before it is too late.''.

    (4) Despite the President's calls for a peace settlement, 
 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.

    (5) On May 25, 2025, Russia launched its largest 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 Vladimir Putin: ``He's playing 
 with fire!''.

SEC. 3. SANCTIONS WITH RESPECT TO THE RUSSIAN FEDERATION.

    (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--

    (1) any foreign person designated for the imposition of 
 sanctions with respect to the Russian Federation 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 Federation.

    (b) Implementation; Penalties.--

    (1) Implementation.--The President may exercise all 
 authorities provided under sections 203 and 205 of the 
 International Emergency Economic Powers Act (50 U.S.C. 1702 and 
 1704) to carry out this section.

    (2) Penalties.--A person that violates, attempts to 
 violate, conspires to violate, or causes a violation of this 
 section or any regulation, license, or order issued to carry 
 out this section 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.

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 the Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, 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 not more than 180 days at a 
time upon reporting to Congress that--

    (1) the waiver advances the objective of resolving the 
 national emergency described in any Executive Order listed 
 under 

section 3

    (a)

    (1) ; or

    (2) the waiver is important to the national interest of the 
 United States, provided that the President 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 sovereignty 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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