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119-hr-4301119th CongressWALLET

PEACE Act of 2025

Sponsored By: Representative Nunn, Zachary [R-IA-3]

Introduced

Summary

Blocks U.S. correspondent and payable-through accounts for foreign banks that knowingly support specified Russian targets. The PEACE Act of 2025 would require Treasury to issue rules within 180 days to bar or tightly limit U.S. banking access for foreign financial institutions that provide significant financial services to designated Russian persons, certain sanctioned banks and Annex 1 entities, or firms in Russia's energy sector.

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  • Foreign financial institutions: These banks would face prohibitions or strict conditions on maintaining U.S. correspondent or payable-through accounts if they knowingly serve the covered Russian targets. That could cut major U.S. payment channels for institutions that keep servicing those entities.
  • Russian energy companies and named firms: The bill would require a determination within 90 days naming Gazprom, Rosneft, and Lukoil as covered energy-sector persons. Banks that provide significant services to those companies could be subject to the new account limits.
  • Executive authority and enforcement: The President could use authorities in the International Emergency Economic Powers Act (IEEPA) to implement the rules and may grant 180-day waivers with required reports to Congress. Violations would be subject to penalties under IEEPA section 206(b) and (c).

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 0 costs, 3 mixed.

New limits on U.S. bank access for Russia-linked banks

Treasury would have 180 days to write rules that block or tightly limit U.S. correspondent and payable-through accounts for foreign banks that knowingly give major services to listed Russia‑related targets, or firms in Russia’s energy sector. Breaking these rules would carry civil and criminal penalties under IEEPA (50 U.S.C. 1705). The President could use emergency powers under IEEPA to carry this out. The President could also waive the account rules for up to 180 days at a time if a report to Congress shows it helps resolve the emergency or serves the national interest.

Time limit on these sanctions rules

All rules in this bill would end on the earlier of two dates. They would end 30 days after the President reports to Congress that Russia has stopped destabilizing Ukraine. Or they would end five years after enactment, if that comes first.

90-day Treasury review of Russian energy firms

Treasury would have 90 days after enactment to tell Congress if Gazprom, Rosneft, and Lukoil meet the bill’s energy‑sector test. This report could guide future actions that affect banks that deal with these firms.

Sponsors & CoSponsors

Sponsor

Nunn, Zachary [R-IA-3]

IA • R

Cosponsors

  • Rep. Gottheimer, Josh [D-NJ-5]

    NJ • D

    Sponsored 7/7/2025

Roll Call Votes

No roll call votes available for this bill.

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