PEACE Act of 2025

The PEACE Act of 2025 requires the Treasury Secretary to restrict U.S. banking access for foreign financial institutions that serve sanctioned Russian entities or Russia's energy sector, mandates seizure of certain Russian central bank assets held in U.S. banks for Ukraine support, and includes waiver and termination provisions. Sec. 3, Sanctions on Russian Federation: Within 180 days, the Treasury Secretary must issue regulations to prohibit or strictly limit U.S. correspondent or payable-through accounts for foreign financial institutions that knowingly provide significant services to persons sanctioned under Executive Order 14024 or the Countering America's Adversaries through Sanctions Act, entities subject to Directive 2 or listed in Annex 1 of Directive 3 under that order, or any person operating in Russia's energy sector. Violations carry civil penalties up to $377,700 or twice the transaction amount, and criminal penalties up to $1,000,000 or 20 years imprisonment. Sec. 4, Determination required: Within 90 days, the Treasury Secretary must report to House Financial Services and Senate Banking Committees whether Gazprom, Rosneft, and Lukoil are foreign persons operating in Russia's energy sector under section 3(a)(4). Sec. 5, Waiver: The President may waive section 3(a) requirements for up to 180 days at a time upon reporting to Congress that the waiver advances resolving the national emergency or is important to U.S. national interest with a detailed explanation. Sec. 6, Transfer of certain Russian assets: Within 90 days, the Treasury Secretary must seize and transfer covered Russian resources (funds and property of Russia's central bank, National Wealth Fund, or Finance Ministry located in the U.S. and reported under Directive 4 or the REPO for Ukrainians Act) held by U.S. financial institutions into the Ukraine Support Fund for specified purposes or defense articles for Ukraine. The President may waive this for up to 180 days at a time (cumulative max 1 year) if Russia takes meaningful steps to cease destabilizing activities or for national interest. Sec. 7, Termination: The Act expires 30 days after the President reports Russia has ceased destabilizing activities regarding Ukraine's sovereignty, or 5 years after enactment, whichever is earlier.