H.R. 5835 modifies an existing law to improve how the U.S. uses frozen Russian government assets to help Ukraine rebuild after Russia's invasion. The bill allows the U.S. to transfer Russian assets into an interest-bearing fund without formally confiscating them, and it requires the Treasury Department to invest these funds to generate additional returns within 45 days of the bill's enactment. The legislation mandates that the State Department distribute at least $250 million every 90 days from this fund to assist Ukraine, with the first distribution required within 60 days of assets being deposited. The bill also directs the President to report within 90 days on Russian assets held in major allied countries (G7 and EU members plus Australia) and to pursue diplomatic efforts encouraging these nations to redirect at least 5 percent of their frozen Russian assets to Ukraine's benefit on a quarterly basis. Overall, the bill aims to accelerate financial support for Ukraine using an estimated $300 billion in Russian sovereign assets currently frozen worldwide.
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