[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4086 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4086

To authorize the confiscation and repurposing of blocked assets of the 
                Central Bank of the Russian Federation.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 9, 2024

Mr. Daines (for himself and Mr. Cramer) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To authorize the confiscation and repurposing of blocked assets of the 
                Central Bank of the Russian Federation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. RECOGNITION OF NATIONAL EMERGENCY; FINDINGS.

    Congress recognizes the national emergency declared and expanded 
under the covered Executive orders and makes the following findings:
            (1) On February 24, 2022, the Government of the Russian 
        Federation violated the sovereignty and territorial integrity 
        of Ukraine by engaging in a premeditated, second illegal 
        invasion of Ukraine.
            (2) The international community has condemned the illegal 
        invasions of Ukraine by the Russian Federation, as well as the 
        commission of war crimes by the Russian Federation, including 
        through the deliberate targeting of civilians and civilian 
        infrastructure and the commission of sexual violence.
            (3) As described in the statement of the leaders of the 
        Group of Seven on the invasion of Ukraine by armed forces of 
        the Russian Federation, issued on February 24, 2022, the 
        Russian Federation's ``unprovoked and completely unjustified 
        attack on the democratic state of Ukraine'' represents a 
        ``serious violation of international law and a grave breach of 
        the United Nations Charter and all commitments Russia entered 
        in the Helsinki Final Act and the Charter of Paris and its 
        commitments in the Budapest Memorandum''.
            (4) The total of the efforts of the international 
        community, including sanctions, price caps, and asset seizures, 
        and the combined contributions of more than $90,000,000,000 
        worth of military support to Ukraine, have not deterred the 
        Russian Federation from instigating and continuing 
        international aggression.
            (5) On March 2, 2022, the United Nations General Assembly 
        adopted Resolution ES-11/1, entitled ``Aggression against 
        Ukraine'', by a vote of 141 to 5. That resolution ``deplore[d] 
        in the strongest terms the aggression by the Russian Federation 
        against Ukraine in violation of Article 2(4) of the [United 
        Nations] Charter'' and demanded that the Russian Federation 
        ``immediately cease its use of force against Ukraine'' and 
        ``immediately, completely and unconditionally withdraw all of 
        its military forces from the territory of Ukraine within its 
        internationally recognized borders''.
            (6) On November 14, 2022, the United Nations General 
        Assembly adopted Resolution ES-11/5--
                    (A) recognizing that the Russian Federation ``must 
                bear the legal consequences of all of its 
                internationally wrongful acts, including making 
                reparation for the injury, including any damage, caused 
                by such acts'';
                    (B) recognizing ``the need for the establishment . 
                . . of an international mechanism for reparation for 
                damage, loss or injury'' caused by the Russian 
                Federation in Ukraine; and
                    (C) recommending ``the creation . . . of an 
                international register'' of such damage, loss, or 
                injury.
            (7) On March 17, 2023, the International Criminal Court 
        issued a warrant for the arrest of Russian President Vladimir 
        Putin relating to the following war crimes:
                    (A) Unlawful deportation of population (children) 
                in violation of article 8(2)(a)(vii) of the Rome 
                Statute.
                    (B) Unlawful transfer of population (children) from 
                occupied areas of Ukraine to the Russian Federation in 
                violation of article 8(2)(a)(vii) of the Rome Statute.

SEC. 2. AUTHORITY TO CONFISCATE BLOCKED ASSETS OF THE CENTRAL BANK OF 
              THE RUSSIAN FEDERATION.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) efforts to repurpose assets of the Government of the 
        Russian Federation are not being taken lightly;
            (2) policies of the United States in effect before the date 
        of the enactment of this Act have failed to persuade the 
        Government of the Russian Federation to cease hostilities; and
            (3) the facts set forth in subsection (b) justify the 
        authorization provided by this Act to confiscate and repurpose 
        assets of the Government of the Russian Federation.
    (b) Findings.--Congress makes the following findings:
            (1) The Government of the Russian Federation is committing 
        acts of international aggression that directly or indirectly 
        threaten the national security of the United States and other 
        members of the North Atlantic Treaty Organization.
            (2) The Government of the Russian Federation is actively 
        conducting activities that undermine the peace, security, 
        political stability, and territorial integrity of the United 
        States or allies or partners of the United States.
            (3) The Government of the Russian Federation is pursuing 
        deceptive or structured transactions or dealings to circumvent 
        sanctions imposed by the United States, including through the 
        use of digital currencies or assets or the use of physical 
        assets.
            (4) The International Criminal Court has issued a warrant 
        for the arrest of the President of the Russian Federation.
            (5) The United Nations General Assembly has adopted a 
        resolution demanding for the cessation of hostilities by the 
        Russian Federation against the sovereign state of Ukraine.
            (6) President Joseph R. Biden has declared a national 
        emergency and issued not less than 4 Executive orders to deter 
        aggression against Ukraine by the Russian Federation.
    (c) Authorization of Confiscation.--
            (1) In general.--The President may confiscate, through 
        instructions or licenses or in such other manner as the 
        President determines appropriate, funds of the Central Bank of 
        the Russian Federation that are subject to the jurisdiction of 
        the United States and are blocked pursuant to a covered 
        Executive order.
            (2) Vesting.--All right, title, and interest in funds 
        confiscated under paragraph (1) shall vest in the Government of 
        the United States.
            (3) Deposits.--The President shall deposit funds 
        confiscated under paragraph (1) into the fund established under 
        section 3.

SEC. 3. INTERNATIONAL RESPONSE FUND.

    (a) Establishment.--The President shall establish a non-interest-
bearing account, to be known as the ``International Response Fund'' (in 
this section referred to as the ``Fund''), to consist of--
            (1) amounts deposited into the account under section 2(c); 
        or
            (2) amounts contributed by countries that are allies or 
        partners of the United States.
    (b) Availability and Use of Funds.--Amounts in the Fund shall be 
available, to the agencies and in the amounts provided in 
appropriations Acts making supplemental appropriations for assistance 
and activities related to Ukraine--
            (1) to finance the provision of materials to Ukraine that 
        have direct application to ongoing territorial defense of 
        Ukraine by Ukrainian and international forces; or
            (2) to compensate such agencies for materials described in 
        paragraph (1) provided to Ukraine before the date of the 
        enactment of this Act.
    (c) Reports Required.--
            (1) In general.--Not later than 90 days after the date of 
        the enactment of this Act, and every 90 days thereafter, the 
        President shall submit to Congress a report--
                    (A) specifying the amounts in the Fund obligated 
                during the 90-day period preceding submission of the 
                report; and
                    (B) describing the materials procured using such 
                amounts.
            (2) Form.--Each report required by paragraph (1) shall be 
        submitted in unclassified form but may include a classified 
        annex.

SEC. 4. RULES OF CONSTRUCTION.

    Nothing in this Act may be construed--
            (1) to affect the authorities of the President under the 
        International Emergency Economic Powers Act (50 U.S.C. 1701 et 
        seq.); or
            (2) to authorize the provisions of funds to Ukraine to 
        repay loans made to Ukraine by other countries.

SEC. 5. DEFINITION OF COVERED EXECUTIVE ORDER.

    In this Act, the term ``covered Executive order'' means any of the 
following:
            (1) Executive Order 14024 (50 U.S.C. 1701 note; relating to 
        blocking property with respect to specified harmful foreign 
        activities of the Government of the Russian Federation).
            (2) Executive Order 14065 (50 U.S.C. 1701 note; relating to 
        blocking property of certain persons and prohibiting certain 
        transactions with respect to continued Russian efforts to 
        undermine the sovereignty and territorial integrity of 
        Ukraine).
            (3) Executive Order 14068 (50 U.S.C. 1701 note; relating to 
        prohibiting certain imports, exports, and new investment with 
        respect to continued Russian Federation aggression).
            (4) Executive Order 14071 (50 U.S.C. 1701 note; relating to 
        prohibiting new investment in and certain services to the 
        Russian Federation in response to continued Russian Federation 
        aggression).
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