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Using Frozen Russian Central Bank Assets for Ukraine Reconstruction.

This bill directs the President to seek an international agreement with allied nations to use frozen assets of the Russian Central Bank. The goal is to consolidate these funds and dedicate them entirely to financing the reconstruction of Ukraine once hostilities cease. US citizens and businesses must comply with new regulations regarding these assets, as violations carry severe financial penalties.
Key points
The President must pursue an agreement to transfer frozen Russian Central Bank assets to a single account for Ukraine's reconstruction.
These funds will be used to cover the total costs of damages resulting from Russia's invasion, after the war ends.
Violations of related regulations or orders are subject to significant financial penalties under existing emergency powers law.
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Expired
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Additional Information
Print number: 118_HR_1254
Sponsor: Rep. Morelle, Joseph D. [D-NY-25]
Process start date: 2023-02-28
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

RUSSIA Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1254.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-02-28.

What are the main provisions?

Key points include:

  • The President must pursue an agreement to transfer frozen Russian Central Bank assets to a single account for Ukraine's reconstruction.
  • These funds will be used to cover the total costs of damages resulting from Russia's invasion, after the war ends.
  • Violations of related regulations or orders are subject to significant financial penalties under existing emergency powers law.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Morelle, Joseph D. [D-NY-25].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Foreign Affairs.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Security