Frozen Russian funds would earn interest and flow to Ukraine under House bill

What does this do?

HR 5835 updates the REPO for Ukrainians Act to change how frozen Russian government money held in the US is managed and sent to Ukraine. The Treasury Department would be required to invest those frozen funds in US government bonds to earn interest while held in a special Ukraine Support Fund. At least $250 million must be released from that fund every 90 days for Ukraine's benefit.

Who does it affect?

The bill primarily affects the Treasury and State Departments, which manage frozen foreign assets and conduct international diplomacy. Russia's government money would be used, and Ukraine would receive the resulting financial assistance.

Why does it matter?

The US would pressure G7 nations, EU members, and Australia to redirect at least 5 percent of their own frozen Russian assets every quarter toward Ukraine. The President would also be required to report to Congress on the global location, total amount, and status of Russian sovereign assets.

What does it cost, and who pays?

• $250M minimum released every 90 days
• Funds invested in US government bonds
• Money sourced from frozen Russian assets

Where does it stand?