PEACE Act of 2025
Sponsored By: Representative Rep. Nunn, Zachary [R-IA-3]
In Committee
Summary
Targets major Russian energy and financial interests to deter and disrupt destabilizing actions in Europe. The bill would create a Treasury-run sanctions regime that restricts U.S. correspondent and payable-through accounts for foreign banks serving specified Russian entities and authorizes moving certain Russian assets to a Ukraine Support Fund.
Show full summary
- Foreign financial institutions would face prohibitions or strict conditions on opening or maintaining correspondent or payable-through accounts in the United States if they knowingly provide significant services to specified Russian entities or sectors. Violations carry civil fines up to the greater of $377,700 or twice the transaction amount and criminal penalties up to $1 million and 20 years in prison.
- U.S. financial institutions could be required to transfer, seize, or vest certain Russian assets they hold into the Ukraine Support Fund for Ukraine-related purposes or defense articles. The bill sets a 90-day deadline for such action and allows a 180-day waiver option that can extend up to a cumulative year.
- Treasury must determine within 90 days whether Gazprom, Rosneft, and Lukoil meet the bill's energy-sector criteria, and the President may waive those section 3(a) requirements for 180 days at a time upon a congressional reporting trigger.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 0 benefits, 1 costs, 2 mixed.
Limits on foreign banks' U.S. accounts
If enacted, the bill would require Treasury to write rules within 180 days to block or tightly limit U.S. correspondent and payable-through accounts for foreign banks that knowingly provide major services to certain Russian-linked entities. Treasury must report within 90 days on whether Gazprom, Rosneft, and Lukoil operate in Russia's energy sector. The President could waive the rules for 180 days at a time with a report to Congress. Willful violators would face large penalties: civil fines equal to the larger of $377,700 or twice the transaction, and criminal fines up to $1,000,000 and up to 20 years in prison.
Automatic end date for the Act
If enacted, the bill would end automatically on the earlier of two events. It would end 30 days after the President reports that Russia stopped destabilizing Ukraine. Or it would end five years after the bill becomes law. The end would be automatic when either event occurs.
Seize Russian state assets for Ukraine
If enacted, Treasury would have 90 days to seize, transfer, or vest covered Russian central bank, national wealth fund, or finance ministry funds and property located in the United States. The money would be deposited into the Ukraine Support Fund and could be used for Ukraine-related aid or to buy defense items for Ukraine. The President may pause transfers for 180-day periods, up to one year, with a written report to Congress. This applies only to assets listed under Executive Order 14024 or the REPO for Ukrainians Act.
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Sponsors & CoSponsors
Sponsor
Rep. Nunn, Zachary [R-IA-3]
IA • R
Cosponsors
Rep. Gottheimer, Josh [D-NJ-5]
NJ • D
Sponsored 7/10/2025
Rep. Barrett, Tom [R-MI-7]
MI • R
Sponsored 7/14/2025
Conaway
NJ • D
Sponsored 7/21/2025
Rep. Suozzi, Thomas R. [D-NY-3]
NY • D
Sponsored 9/10/2025
Roll Call Votes
No roll call votes available for this bill.
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