Bill > HR5835

This bill amends the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act to improve the process of seizing and utilizing Russian sovereign assets to support Ukraine. The bill recognizes the Porto Declaration of the Organization for Security and Co-operation in Europe (OSCE), which calls for using frozen Russian assets to support Ukraine. It allows the President to transfer Russian sovereign assets into the Ukraine Support Fund without necessarily confiscating them, and requires the Secretary of the Treasury to invest these funds in interest-bearing U.S. government obligations. The bill mandates that at least $250 million be obligated and spent from the fund every 90 days to provide assistance to Ukraine, with provisions for using smaller remaining amounts. Additionally, the bill requires the President to submit reports detailing Russian sovereign assets in covered countries (G7 and EU members, plus Australia) and non-covered countries, and calls for diplomatic efforts to persuade these countries to repurpose at least 5% of their frozen Russian assets quarterly for Ukraine's benefit. The legislation also includes several technical corrections to the original act and modifies judicial review provisions.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/5835/all-info