1. Short title
This Act may be cited as the “Reparations for Ukraine through Sovereign nation Support and Integration Act” or the “RUSSIA Act”.
Reparations for Ukraine through Sovereign nation Support and Integration Act
A BILL
To direct the President to seek to obtain an agreement between the United States and other countries that have frozen the assets of the Central Bank of the Russian Federation under which parties to the agreement will use such assets to provide for the reconstruction of Ukraine upon cessation of hostilities in Ukraine.
2. Agreement to use assets of the Central Bank of the Russian Federation to provide for the reconstruction of Ukraine
In general— The President shall take such action as may be necessary to seek to obtain an agreement between the United States and other countries that have frozen the assets of the Central Bank of the Russian Federation under which parties to the agreement will—
transfer such assets to a single, consolidated account at an appropriate international financial institution;
determine the total costs of damages to Ukraine resulting from the Russian Federation’s invasion of Ukraine;
distribute such assets to provide for the reconstruction of Ukraine upon cessation of hostilities in Ukraine; and
take such other actions as may be necessary carry out this section.
Definition— In this section, the term “international financial institution” means a multilateral development institution (as defined in section 1701(c)(3) of the International Financial Institutions Act).
3. Implementation; regulations; penalties
Implementation— The President is authorized to exercise all authorities provided to the President under the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to carry out the purposes of this Act.
Regulations— The President shall issue such regulation, licenses, and orders necessary to carry out this Act.
Penalties—
In general— A person that violates, attempts to violate, conspires to violate, or causes a violation of this Act or any regulation, license, or order issued to carry out this Act shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.
Use of amounts— Notwithstanding any of the provision of law, amounts received from penalties imposed pursuant to paragraph (1) may be used to carry out the purposes of this Act.
4. Termination
In general— This Act shall terminate on the date that is 120 days after the date on which the President determines and certifies to the appropriate congressional committees that hostilities between the Russian Federation and Ukraine have ceased.
Definition— In this section, the term “appropriate congressional committees” means the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate.