Short title

This Act may be cited as the

REPO for Ukrainians Implementation Act of 2025

or the

REPO Implementation Act of 2025

Recognition of Porto Declaration of Organization for Security and Co-operation in Europe

Section 101(a) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (division F of Public Law 118–50; 22 U.S.C. 9521 note) is amended by adding at the end the following:

(10)Every member of the European Union, including Belgium, and all but one member of the G7, are also participating states of the Organization for Security and Cooperation in Europe.(11)On July 3, 2025, the Parliamentary Assembly of the Organization for Security and Cooperation in Europe adopted unanimously in plenary session the Porto Declaration, which [c]alls on OSCE participating States to unlock the full value of an estimated U.S. $300 billion in Russian sovereign assets frozen across the region by repurposing the underlying principal, in sizeable increments and on a regular and timely schedule, for Ukraine until the Russian Federation ends its aggression and agrees to compensate Ukraine for damages directly resulting from the war.

Transfer of assets to Ukraine Support Fund

Section 104(b)(2) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (division F of Public Law 118–50; 22 U.S.C. 9521 note) is amended—(1)in the heading, by striking

Vesting

and inserting

Status of assets

;(2)by striking For funds confiscated and inserting the following:

(A)

Vesting of confiscated funds

For funds confiscated

; and

(3)by adding at the end the following:

(B)

Transfer of funds not confiscated

For the purpose of placing Russian aggressor state sovereign assets into an interest-bearing account, the President may transfer such funds into the Ukraine Support Fund without confiscating such funds.

Investment of amounts in Ukraine Support Fund

(a)

In general

Section 104(d) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (division F of Public Law 118–50; 22 U.S.C. 9521 note) is amended—(1)in paragraph (1)—(A)by striking of any funds and inserting the following: “of—

(A)any funds

;

(B)by striking the period at the end and inserting ; and; and(C)by adding at the end the following:

(B)any amounts that may be credited to the account under paragraph (3).

; and

(2)by adding at the end the following:

(3)

Investment of amounts

(A)

Investment of amounts

The Secretary of the Treasury shall invest such portion of the account established under paragraph (1) as is not required to meet current withdrawals in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States.(B)

Interest and proceeds

The interest on, and the proceeds from the sale or redemption of, any obligations held in the account established under paragraph (1) shall be credited to and form a part of the account.

(b)

Implementation

The President shall ensure that funds in the Ukraine Support Fund established under section 104(d) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act are invested as required by paragraph (3) of that section, as added by subsection (a), by not later than the date that is 45 days after the date of the enactment of this Act.

Quarterly obligation of funds in Ukraine Support Fund to benefit Ukraine

(a)

In general

Section 104(f) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (division F of Public Law 118–50; 22 U.S.C. 9521 note) is amended by adding at the end the following:

(4)

Quarterly obligations

(A)

In general

Not less frequently than every 90 days while funds remain in the Ukraine Support Fund, the Secretary of State may obligate and expend, from the Fund, an amount that is not less than $250,000,000 (except as provided by subparagraph (B)) for the purpose of providing assistance to Ukraine under this subsection.(B)

Final amounts in Fund

When less than $250,000,000 remains in the Fund, the Secretary of State may obligate and expend the remaining amount for the purpose of providing assistance to Ukraine under this subsection.

(b)

Implementation

It is the sense of Congress that the President should ensure that the first obligation of amounts pursuant to paragraph (4) of section 104(f) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act, as added by subsection (a), occurs not later than the date that is 60 days after the date on which Russian sovereign assets are deposited in the Ukraine Support Fund.

Engagement with certain foreign countries

(a)

In general

Title II of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (division F of Public Law 118–50; 22 U.S.C. 9521 note) is amended by adding at the end the following:

109.

Engagement with foreign countries

(a)

Reports required

(1)

Covered country report

Not later than 90 days after the date of the enactment of the REPO for Ukrainians Implementation Act of 2025, the President shall submit to the appropriate congressional committees a report specifying—(A)the covered countries in which Russian sovereign assets are located;(B)the amount of such assets in each such country; and(C)a description of such assets, including—(i)whether or not such assets are frozen, blocked, or immobilized; and(ii)whether or not such assets are accruing interest.(2)

Report on non-covered countries

Not later than 270 days after the date of the enactment of the REPO for Ukrainians Implementation Act of 2025, the President shall submit to the appropriate congressional committees a report specifying—(A)the foreign countries that are not covered countries in which Russian sovereign assets are located;(B)the amount of such assets in each such country; and(C)a description of such assets, including—(i)whether or not such assets are frozen, blocked, or immobilized; and(ii)whether or not such assets are accruing interest.(3)

Form

The reports required by paragraphs (1) and (2) shall be submitted in unclassified form but may include a classified annex.(b)

Sense of Congress on engagement

Not later than 30 days after the date of the enactment of the REPO for Ukrainians Implementation Act of 2025, the Secretary of State, in coordination with the Secretary of the Treasury, should commence a robust, sustained, diplomatic effort to persuade the government of each covered country to begin repurposing, on a quarterly basis, an amount that is not less than 5 percent of the Russian sovereign assets located in that country for the benefit of Ukraine.(c)

Covered country defined

In this section, the term covered country means Australia and any country that is a member of the G7 or the European Union, other than the United States.

(b)

Clerical amendment

The table of contents in section 1 of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (division F of Public Law 118–50; 22 U.S.C. 9521 note) is amended by inserting after the item relating to section 108 the following:

Sec. 109. Engagement with foreign countries.

Modification of judicial review provision

Section 104(k) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (division F of Public Law 118–50; 22 U.S.C. 9521 note) is amended by striking this section each place it appears and inserting this division.

Technical corrections

The Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (division F of Public Law 118–50; 22 U.S.C. 9521 note) is amended—(1)in section 2(2), by striking paragraph (7) and inserting paragraph (6);(2)in section 101(a)—(A)in paragraph (4), by striking deplore[d] and inserting [d]eplore[d]; and(B)in paragraph (6), in the matter preceding subparagraph (A), by striking a resolution and inserting Resolution ES–11/5;(3)in section 102(6), by striking the period at the end and inserting a semicolon;(4)in section 103(a), in the matter preceding paragraph (1), by striking section 104(j) and inserting section 104(l);(5)in section 104—(A)in subsection (a), by striking section 501.603(b)(ii) and inserting section 501.603(b)(1)(ii);(B)in subsection (d)(2), by striking accounts and inserting account; and(C)in subsection (f)(1), by striking Funds and inserting funds; and(6)in section 105—(A)in subsection (a), in the matter preceding paragraph (1), by striking section 104(c) and inserting section 104(d);(B)in subsection (b), by striking section 104(f) and inserting section 104(g); and(C)in subsection (f), by striking subsection (c)(2) and inserting subsection (c).