[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[Senate]
[Pages S3477-S3478]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 6356. Mr. WHITEHOUSE submitted an amendment intended to be
proposed by him to the bill S. 4784, to authorize appropriations for
fiscal year 2027 for military activities of the Department of Defense,
for military construction, and for defense activities of the Department
of Energy, to prescribe military personnel strengths for such fiscal
year, and for other purposes; which was ordered to lie on the table; as
follows:
At the end of title XII, add the following:
Subtitle F--REPO for Ukrainians Implementation Act of 2026
SEC. 1281. SHORT TITLE.
This subtitle may be cited as the ``REPO for Ukrainians
Implementation Act of 2026'' or the ``REPO Implementation Act
of 2026''.
SEC. 1282. 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'.''.
SEC. 1283. 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.''.
SEC. 1284. 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.
SEC. 1285. 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.
SEC. 1286. 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:
``SEC. 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 2026, 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 2026, 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 2026, 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.''.
SEC. 1287. 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''.
SEC. 1288. 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;
[[Page S3478]]
(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)''.
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