H.R. 7724 — Introduced in House

I 117th CONGRESS 2d Session H. R. 7724 IN THE HOUSE OF REPRESENTATIVES May 11, 2022Mr. Morelle (for himself, Ms. Kaptur, and Mr. Golden) introduced the following bill; which was referred to the Committee on Foreign Affairs 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. 1. Short title This Act may be cited as the Reparations for Ukraine through Sovereign nation Support and Integration Act or the RUSSIA Act. 2. Agreement to use assets of the Central Bank of the Russian Federation to provide for the reconstruction of Ukraine (a) 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— (1) transfer such assets to a single, consolidated account at an appropriate international financial institution; (2) determine the total costs of damages to Ukraine resulting from the Russian Federation’s invasion of Ukraine; (3) distribute such assets to provide for the reconstruction of Ukraine upon cessation of hostilities in Ukraine; and (4) take such other actions as may be necessary carry out this section. (b) 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 (a) 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. (b) Regulations The President shall issue such regulation, licenses, and orders necessary to carry out this Act. (c) Penalties (1) 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. (2) 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 (a) 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. (b) 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.