119-s2918

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2918 Reported in Senate

    (RS) ]

<DOC>

 Calendar No. 243
119th CONGRESS
 1st Session
 S. 2918

 To amend the Rebuilding Economic Prosperity and Opportunity for 
Ukrainians Act to improve the implementation of the seizure of Russian 
 sovereign assets for the benefit of Ukraine, and for other purposes.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 September 19 (legislative day, September 16), 2025

Mr. Whitehouse (for himself, Mr. Risch, Mrs. Shaheen, Mr. Grassley, Mr. 
 Blumenthal, Mr. Graham, Mr. Wicker, Mr. Bennet, Mr. Cornyn, Mr. 
 Gallego, Ms. Cantwell, and Mr. Crapo) introduced the following bill; 
which was read twice and referred to the Committee on Foreign Relations

 October 30, 2025

 Reported by Mr. Risch, without amendment

_______________________________________________________________________

 A BILL

 To amend the Rebuilding Economic Prosperity and Opportunity for 
Ukrainians Act to improve the implementation of the seizure of Russian 
 sovereign assets for the benefit of Ukraine, 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 ``REPO for Ukrainians Implementation 
Act of 2025'' or the ``REPO Implementation Act of 2025''.

SEC. 2. RECOGNITION OF PORTO DECLARATION OF ORGANIZATION FOR SECURITY 
 AND CO-OPERATION IN EUROPE.

 

Section 101

    (a) of the Rebuilding Economic Prosperity and 
Opportunity for Ukrainians Act (division F of Public Law 118-50; 22 
U.S.C. 9521 note) is amended by adding at the end the following:
 ``

    (10) Every member of the European Union, including 
 Belgium, and all but one member of the G7, are also 
 participating states of the Organization for Security and 
 Cooperation in Europe.
 ``

    (11) On July 3, 2025, the Parliamentary Assembly of the 
 Organization for Security and Cooperation in Europe adopted 
 unanimously in plenary session the Porto Declaration, which 
 `[c]alls on OSCE participating States to unlock the full value 
 of an estimated U.S. $300 billion in Russian sovereign assets 
 frozen across the region by repurposing the underlying 
 principal, in sizeable increments and on a regular and timely 
 schedule, for Ukraine until the Russian Federation ends its 
 aggression and agrees to compensate Ukraine for damages 
 directly resulting from the war'.''.

SEC. 3. TRANSFER OF ASSETS TO UKRAINE SUPPORT FUND.

 

Section 104

    (b)

    (2) of the Rebuilding Economic Prosperity and 
Opportunity for Ukrainians Act (division F of Public Law 118-50; 22 
U.S.C. 9521 note) is amended--

    (1) in the heading, by striking ``Vesting'' and inserting 
 ``Status of assets'';

    (2) by striking ``For funds confiscated'' and inserting the 
 following:
 ``
        (A) Vesting of confiscated funds.--For funds 
 confiscated''; and

    (3) by adding at the end the following:
 ``
        (B) Transfer of funds not confiscated.--For the 
 purpose of placing Russian aggressor state sovereign 
 assets into an interest-bearing account, the President 
 may transfer such funds into the Ukraine Support Fund 
 without confiscating such funds.''.

SEC. 4. INVESTMENT OF AMOUNTS IN UKRAINE SUPPORT FUND.

    (a) In General.--

Section 104
            (d) of the Rebuilding Economic 
Prosperity and Opportunity for Ukrainians Act (division F of Public Law 
118-50; 22 U.S.C. 9521 note) is amended--

    (1) in paragraph

    (1) --
        (A) by striking ``of any funds'' and inserting the 
 following: ``of--
 ``
        (A) any funds'';
        (B) by striking the period at the end and inserting 
 ``; and''; and
            (C) by adding at the end the following:
 ``
        (B) any amounts that may be credited to the 
 account under paragraph

    (3) .''; and

    (2) by adding at the end the following:
 ``

    (3) Investment of amounts.--
 ``
        (A) Investment of amounts.--The Secretary of the 
 Treasury shall invest such portion of the account 
 established under paragraph

    (1) as is not required to 
 meet current withdrawals in interest-bearing 
 obligations of the United States or in obligations 
 guaranteed as to both principal and interest by the 
 United States.
 ``
        (B) Interest and proceeds.--The interest on, and 
 the proceeds from the sale or redemption of, any 
 obligations held in the account established under 
 paragraph

    (1) shall be credited to and form a part of 
 the account.''.

    (b) Implementation.--The President shall ensure that funds in the 
Ukraine Support Fund established under 

section 104
            (d) of the Rebuilding 
Economic Prosperity and Opportunity for Ukrainians Act are invested as 
required by paragraph

    (3) of that section, as added by subsection

    (a) , 
by not later than the date that is 45 days after the date of the 
enactment of this Act.

SEC. 5. QUARTERLY OBLIGATION OF FUNDS IN UKRAINE SUPPORT FUND TO 
 BENEFIT UKRAINE.

    (a) In General.--

Section 104

    (f) of the Rebuilding Economic 
Prosperity and Opportunity for Ukrainians Act (division F of Public Law 
118-50; 22 U.S.C. 9521 note) is amended by adding at the end the 
following:
 ``

    (4) Quarterly obligations.--
 ``
        (A) In general.--Not less frequently than every 
 90 days while funds remain in the Ukraine Support Fund, 
 the Secretary of State may obligate and expend, from 
 the Fund, an amount that is not less than $250,000,000 
 (except as provided by subparagraph
        (B) ) for the 
 purpose of providing assistance to Ukraine under this 
 subsection.
 ``
        (B) Final amounts in fund.--When less than 
 $250,000,000 remains in the Fund, the Secretary of 
 State may obligate and expend the remaining amount for 
 the purpose of providing assistance to Ukraine under 
 this subsection.''.

    (b) Implementation.--It is the sense of Congress that the President 
should ensure that the first obligation of amounts pursuant to 
paragraph

    (4) of 

section 104

    (f) of the Rebuilding Economic Prosperity 
and Opportunity for Ukrainians Act, as added by subsection

    (a) , occurs 
not later than the date that is 60 days after the date on which Russian 
sovereign assets are deposited in the Ukraine Support Fund.

SEC. 6. ENGAGEMENT WITH CERTAIN FOREIGN COUNTRIES.

    (a) In General.--Title II of the Rebuilding Economic Prosperity and 
Opportunity for Ukrainians Act (division F of Public Law 118-50; 22 
U.S.C. 9521 note) is amended by adding at the end the following:

``

SEC. 109. ENGAGEMENT WITH FOREIGN COUNTRIES.

 ``

    (a) Reports Required.--
 ``

    (1) Covered country report.--Not later than 90 days after 
 the date of the enactment of the REPO for Ukrainians 
 Implementation Act of 2025, the President shall submit to the 
 appropriate congressional committees a report specifying--
 ``
        (A) the covered countries in which Russian 
 sovereign assets are located;
 ``
        (B) the amount of such assets in each such 
 country; and
 ``
            (C) a description of such assets, including--
 ``
            (i) whether or not such assets are 
 frozen, blocked, or immobilized; and
 ``
            (ii) whether or not such assets are 
 accruing interest.
 ``

    (2) Report on non-covered countries.--Not later than 270 
 days after the date of the enactment of the REPO for Ukrainians 
 Implementation Act of 2025, the President shall submit to the 
 appropriate congressional committees a report specifying--
 ``
        (A) the foreign countries that are not covered 
 countries in which Russian sovereign assets are 
 located;
 ``
        (B) the amount of such assets in each such 
 country; and
 ``
            (C) a description of such assets, including--
 ``
            (i) whether or not such assets are 
 frozen, blocked, or immobilized; and
 ``
            (ii) whether or not such assets are 
 accruing interest.
 ``

    (3) Form.--The reports required by paragraphs

    (1) and

    (2) shall be submitted in unclassified form but may include a 
 classified annex.
 ``

    (b) Sense of Congress on Engagement.--Not later than 30 days 
after the date of the enactment of the REPO for Ukrainians 
Implementation Act of 2025, the Secretary of State, in coordination 
with the Secretary of the Treasury, should commence a robust, 
sustained, diplomatic effort to persuade the government of each covered 
country to begin repurposing, on a quarterly basis, an amount that is 
not less than 5 percent of the Russian sovereign assets located in that 
country for the benefit of Ukraine.
 ``
            (c) Covered Country Defined.--In this section, the term `covered 
country' means Australia and any country that is a member of the G7 or 
the European Union, other than the United States.''.

    (b) Clerical Amendment.--The table of contents in 

section 1 of the 
Rebuilding Economic Prosperity and Opportunity for Ukrainians Act 
(division F of Public Law 118-50; 22 U.S.C. 9521 note) is amended by 
inserting after the item relating to 

section 108 the following:

``

Sec. 109. Engagement with foreign countries.''.

SEC. 7. MODIFICATION OF JUDICIAL REVIEW PROVISION.

 

Section 104

    (k) of the Rebuilding Economic Prosperity and 
Opportunity for Ukrainians Act (division F of Public Law 118-50; 22 
U.S.C. 9521 note) is amended by striking ``this section'' each place it 
appears and inserting ``this division''.

SEC. 8. TECHNICAL CORRECTIONS.

 The Rebuilding Economic Prosperity and Opportunity for Ukrainians 
Act (division F of Public Law 118-50; 22 U.S.C. 9521 note) is amended--

    (1) in 

section 2

    (2) , by striking ``paragraph

    (7) '' and 
 inserting ``paragraph

    (6) '';

    (2) in 

section 101

    (a) --
        (A) in paragraph

    (4) , by striking ``deplore[d]'' 
 and inserting ``[d]eplore[d]''; and
        (B) in paragraph

    (6) , in the matter preceding 
 subparagraph
        (A) , by striking ``a resolution'' and 
 inserting ``Resolution ES-11/5'';

    (3) in 

section 102

    (6) , by striking the period at the end 
 and inserting a semicolon;

    (4) in 

section 103

    (a) , in the matter preceding paragraph

    (1) , by striking ``

section 104

    (j) '' and inserting ``

section 104
            (l) '';

    (5) in 

section 104--
        (A) in subsection

    (a) , by striking ``

section 501.603

    (b)
            (ii) '' and inserting ``

section 501.603

    (b)

    (1)
            (ii) '';
        (B) in subsection
            (d) (2) , by striking ``accounts'' 
 and inserting ``account''; and
            (C) in subsection

    (f)

    (1) , by striking ``Funds'' and 
 inserting ``funds''; and

    (6) in 

section 105--
        (A) in subsection

    (a) , in the matter preceding 
 paragraph

    (1) , by striking ``

section 104
            (c) '' and 
 inserting ``

section 104
            (d) '';
        (B) in subsection

    (b) , by striking ``

section 104

    (f) '' and inserting ``

section 104

    (g) ''; and
            (C) in subsection

    (f) , by striking ``subsection
            (c) (2) '' and inserting ``subsection
            (c) ''.
 Calendar No. 243

119th CONGRESS

 1st Session

 S. 2918

_______________________________________________________________________

 A BILL

 To amend the Rebuilding Economic Prosperity and Opportunity for 
Ukrainians Act to improve the implementation of the seizure of Russian 
 sovereign assets for the benefit of Ukraine, and for other purposes.

_______________________________________________________________________

 October 30, 2025

 Reported without amendment