Sec. 104. Authority to ensure compensation to Ukraine using confiscated Russian sovereign assets
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Not later than 30 days after the date of the enactment of this Act, the President shall, by means of such instructions or regulations as the President may prescribe, require any United States financial institution at which Russian sovereign assets are located, and that knows or should know of such assets, to provide notice of such assets, including relevant information required under section 501.603(b)(ii) of title 31, Code of Federal Regulations (or successor regulations), to the Secretary of the Treasury not later than 10 days after detection of such assets.
Not later than 180 days after the date of the enactment of this Act, and annually thereafter for 3 years, the President shall submit to the appropriate congressional committees a report detailing the status of Russian sovereign assets subject to the jurisdiction of the United States. The report required by subparagraph
(A)shall be submitted in unclassified form, but may include a classified annex. The President may confiscate any Russian sovereign assets subject to the jurisdiction of the United States. The President shall— deposit any funds confiscated under paragraph
(1)into the Ukraine Support Fund established under subsection (c); liquidate or sell any other property confiscated under paragraph
(1)and deposit the funds resulting from such liquidation or sale into the Ukraine Support Fund established under subsection (c); and make all such funds available for the purposes described in subsection (d). The President shall confiscate Russian sovereign assets under paragraph
(1)through instructions or licenses or in such other manner as the President determines appropriate. All right, title, and interest in Russian sovereign assets confiscated under paragraph
(1)shall vest, if necessary, in the Government of the United States while being held in the Ukraine Support Fund established under subsection (c). The President shall establish a non-interest-bearing account, to be known as the Ukraine Support Fund , to consist of the funds deposited into the account under subsection (b). The funds in the account established under paragraph
(1)shall be available to be used only as specified in subsection (d). Subject to paragraph (2), funds in the Ukraine Support Fund shall be available to the Secretary of State, in consultation with the Administrator of the United States Agency for International Development, for the purpose of compensating Ukraine for damages resulting from the unlawful invasion by the Russian Federation that began on February 24, 2022, including through, to the extent possible, the provision of such funds to an international body or mechanism charged with determining compensation and providing assistance to Ukraine, for purposes that include the following: Reconstruction and rebuilding efforts in Ukraine. To provide humanitarian assistance to the people of Ukraine. Such other purposes as the Secretary determines directly and effectively support the recovery of Ukraine and the welfare of the people of Ukraine. The Secretary of State shall notify the appropriate congressional committees not fewer than 15 days before providing any funds from the Ukraine Support Fund to the Government of Ukraine or to any other person or international organization for the purposes described in paragraph (1). A notification under subparagraph
(A)with respect to the provision of funds to the Government of Ukraine shall specify— the amount of funds to be provided; the purpose for which such funds are provided; and the recipient. The confiscation of Russian sovereign assets under subsection (b)(1) shall not be subject to judicial review. Nothing in this subsection shall be construed to limit any private individual or entity from asserting due process claims in United States courts. The authorities provided by this section may not be exercised in a manner inconsistent with the obligations of the United States under— the Convention on Diplomatic Relations, done at Vienna April 18, 1961, and entered into force April 24, 1964 (23 UST 3227); the Convention on Consular Relations, done at Vienna April 24, 1963, and entered into force on March 19, 1967 (21 UST 77); the Agreement Regarding the Headquarters of the United Nations, signed at Lake Success June 26, 1947, and entered into force November 21, 1947 (TIAS 1676); or any other international agreement governing the use of force and establishing rights under international humanitarian law. The authority to confiscate, liquidate, and transfer Russian sovereign assets under this section shall terminate on the earlier of— the date that is 5 years after the date of the enactment of this Act; or 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; and full compensation has been made to Ukraine for harms resulting from the invasion of Ukraine by the Russian Federation; or the Russian Federation is participating in a bona fide international mechanism that, by agreement, will discharge the obligations of the Russian Federation to compensate Ukraine for all amounts determined to be owed to Ukraine.