Sec. 105. INTERNATIONAL MECHANISM TO USE RUSSIAN SOVEREIGN ASSETS AND RUSSIAN AGGRESSOR STATE SOVEREIGN ASSETS TO PROVIDE FOR THE RECONSTRUCTION OF UKRAINE
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## SEC. 105 INTERNATIONAL MECHANISM TO USE RUSSIAN SOVEREIGN ASSETS AND RUSSIAN AGGRESSOR STATE SOVEREIGN ASSETS TO PROVIDE FOR THE RECONSTRUCTION OF UKRAINE **[**[22 U.S.C. 9521 note](/us/usc/t22/s9521)**]** ###
(a)In General The President shall take such actions as the President determines appropriate to coordinate with the G7, the European Union, Australia, and other partners and allies of the United States regarding the disposition of immobilized Russian aggressor state sovereign assets, including seeking to establish an international mechanism with foreign partners, including Ukraine, the G7, the European Union, Australia, and other partners and allies of the United States, for the purpose of assisting Ukraine, which may include the establishment of an international fund to be known as the “Ukraine Compensation Fund”, that may receive and use assets in the Ukraine Support Fund established under section 104(c) and contributions from foreign partners that have also frozen or seized Russian aggressor state sovereign assets to assist Ukraine, including by— ####
(1)supporting a register of damage to serve as a record of evidence and for assessment of the financially assessable damages to Ukraine resulting from the invasions of Ukraine by the Russian Federation and operations or actions in support thereof; ####
(2)establishing a mechanism to compensate Ukraine for damages caused by Russia’s internationally wrongful acts connected with the invasions of Ukraine; ####
(3)ensuring distribution of those assets or the proceeds of those assets based on determinations under that mechanism; and ####
(4)taking such other actions as may be necessary to carry out this section. ###
(b)Authorization for Deposit in the Ukraine Compensation Fund Upon the President reaching an agreement or arrangement to establish a common international mechanism pursuant to subsection
(a)or at any time thereafter, the Secretary of State may, pursuant to the authority conferred by and subject to the limitations described in section 104(f) and subject to the limitations described in subsection (e), transfer funds from the Ukraine Support Fund established under section 104(d) to a fund or mechanism established consistent with subsection (a). ###
(c)Notification The President shall notify the appropriate congressional committees not later than 30 days after entering into any new bilateral or multilateral agreement or arrangement under subsection (a). ###
(d)Good Governance The Secretary of State, in consultation with the Secretary of the Treasury, shall— ####
(1)seek to ensure that any fund or mechanism established consistent with subsection
(a)operates in accordance with established international accounting principles; ####
(2)seek to ensure that any fund or mechanism established consistent with subsection
(a)is— #####
(A)staffed, operated, and administered in accordance with established accounting rules and governance procedures, including providing for payment of reasonable expenses from the fund for the governance and operation of the fund and the tribunal; #####
(B)operated transparently as to all funds transfers, filings, and decisions; and #####
(C)audited on a regular basis by an independent auditor, in accordance with internationally accepted accounting and auditing standards; ####
(3)seek to ensure that any audits of any fund or mechanism established consistent with subsection
(a)shall be made available to the public; and ####
(4)ensure that any audits of any fund or mechanism established consistent with subsection
(a)shall be reviewed and reported on by the Government Accountability Office to the appropriate congressional committees and the public. ###
(e)Limitation on Transfer of Funds No funds may be transferred from the Ukraine Support Fund to a fund or mechanism established consistent with subsection
(a)unless the President certifies to the appropriate congressional committees that— ####
(1)the institution housing the fund or mechanism has a plan to ensure transparency and accountability for all funds transferred to and from the fund or mechanism established consistent with subsection (a); and ####
(2)the President has transmitted the plan required under paragraph
(1)to the appropriate congressional committees in writing. ###
(f)Joint Resolution of Disapproval No funds may be transferred from the Ukraine Support Fund to a fund or mechanism established consistent with subsection
(a)if, within 30 days of receipt of the notification required under subsection (c)(2), a joint resolution is enacted prohibiting the transfer. ###
(g)Report Not later than 90 days after the date of the enactment of this division, and not less frequently than every 90 days thereafter, the President shall submit to the appropriate congressional committees a report that includes the following: ####
(1)An accounting of funds in any fund or mechanism established consistent with subsection (a). ####
(2)Any information regarding the disposition of any such fund or mechanism that has been transmitted to the President by the institution housing the fund or mechanism during the period covered by the report. ####
(3)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. ####
(4)An outline of steps taken to carry out this section during the period covered by the report.
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Sec. 105
INTERNATIONAL MECHANISM TO USE RUSSIAN SOVEREIGN ASSETS AND RUSSIAN AGGRESSOR STATE SOVEREIGN ASSETS TO PROVIDE FOR THE RECONSTRUCTION OF UKRAINE
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