Sec. 105. International agreement to use Russian sovereign assets to provide for the reconstruction of Ukraine
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The President shall take such action as the President determines necessary to seek to establish a common international compensation mechanism, in coordination with foreign partners including Ukraine, that shall include the establishment of an international fund to be known as the Common Ukraine Fund , that uses assets in the Ukraine Support Fund established under section 104(c) and contributions from foreign partners that have also confiscated Russian sovereign assets to allow for compensation for Ukraine, including by— establishing a register of damage to serve as a record of evidence and for assessment of the full costs of damages to Ukraine resulting from the invasion of Ukraine by the Russian Federation that began on February 24, 2022; establishing a mechanism for compensating Ukraine for damages resulting from that invasion; ensuring distribution of those assets or the proceeds of those assets based on determinations under that mechanism; and taking such other actions as may be necessary to carry out this section.
Upon the President reaching an agreement or arrangement to establish a common international compensation mechanism pursuant to subsection (a), the Secretary of State shall transfer funds from the Ukraine Support Fund established under section 104(c) to the Common Ukraine Fund established under subsection (a). The President shall notify the appropriate congressional committees not later than 30 days before entering into any new bilateral or multilateral agreement or arrangement under subsection (a).
The President shall notify the appropriate congressional committees not later than 30 days before any transfer to the Common Ukraine Fund established under subsection (a). No funds may be transferred to the Common Ukraine Fund established under subsection
(a)unless the President certifies to the appropriate congressional committees that— the institution housing the Common Ukraine Fund has a plan to ensure transparency and accountability for all funds transferred to and from the Common Ukraine Fund; and the President has transmitted the plan required under paragraph
(1)to the appropriate congressional committees in writing. No funds may be transferred to the Common Ukraine Fund established under subsection
(a)if, within 30 days of receipt of the notification required under subsection (c)(2), a joint resolution is enacted prohibiting the transfer. Not later than 90 days after the date of the enactment of this Act, and not less frequently than every 90 days thereafter, the President shall submit to the appropriate congressional committees a report that includes the following: An accounting of funds in the Common Ukraine Fund established under subsection (a). Any information regarding the disposition of the Common Ukraine Fund that has been transmitted to the President by the institution housing the Common Ukraine Fund during the period covered by the report. A description of United States multilateral and bilateral diplomatic engagement with allies and partners of the United States that also have immobilized Russian sovereign assets to allow for compensation for Ukraine during the period covered by the report. An outline of steps taken to carry out this section during the period covered by the report.