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Bill > HR4301


US HR4301

US HR4301
PEACE Act of 2025 Preventing the Escalation of Armed Conflict in Europe Act of 2025


summary

Introduced
07/07/2025
In Committee
07/07/2025
Crossed Over
Passed
Dead

Introduced Session

119th Congress

Bill Summary

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.

AI Summary

This bill aims to intensify financial sanctions against Russia in response to its continued military aggression towards Ukraine by requiring the Secretary of the Treasury to prohibit or impose strict conditions on certain foreign financial institutions' ability to maintain correspondent or payable-through accounts in the United States. The bill mandates that within 180 days of enactment, the Treasury Secretary must create regulations targeting financial institutions that provide significant financial services to specific entities, including those designated under various executive orders related to Russian sanctions, entities in Russia's energy sector, and other specified foreign persons. The legislation requires the Treasury Secretary to submit a report within 90 days determining whether major Russian energy companies like Gazprom, Rosneft, and Lukoil meet sanctioning criteria. The bill includes a waiver provision allowing the President to temporarily suspend sanctions for up to 180 days if it advances national emergency objectives or serves U.S. national interests, and it will automatically terminate either 30 days after the President reports Russia has ceased destabilizing Ukraine or after 5 years, whichever comes first. The bill is contextualized by a series of findings detailing recent Russian military attacks on Ukraine and presidential statements condemning these actions.

Committee Categories

Military Affairs and Security

Sponsors (2)

Last Action

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. (on 07/07/2025)

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