H.R. 5835 — REPO Implementation Act of 2025

This section adds two congressional findings to Section 101(a) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act: (1) every member of the European Union, including Belgium, and all but one member of the G7 are participating states of the Organization for Security and Co-operation in Europe (OSCE); and (2) on July 3, 2025, the OSCE Parliamentary Assembly unanimously adopted the Porto Declaration calling on OSCE participating states to repurpose an estimated $300 billion in frozen Russian sovereign assets, in sizeable increments on a regular and timely schedule, for Ukraine until Russia ends its aggression and compensates Ukraine for war damages.

This section revises the heading of Section 104(b)(2) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act from “Vesting” to “Status of assets,” designates the existing provision on vesting confiscated funds as subparagraph (A), and adds subparagraph (B) authorizing the President to transfer non-confiscated Russian aggressor state sovereign assets into the Ukraine Support Fund (i.e., an interest-bearing account) without confiscating such funds. (Thus, this facilitates use of immobilized Russian assets for Ukraine support short of outright seizure.)

This section amends provisions governing the account of the Ukraine Support Fund—established under the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (22 U.S.C. 9521 note) to hold funds, including proceeds from immobilized Russian sovereign assets, for economic support to Ukraine—by (1) expanding the account to consist of any funds and any amounts credited from investments (from any funds) and (2) requiring the Secretary of the Treasury to invest excess amounts in interest-bearing U.S. obligations or U.S.-guaranteed obligations, crediting interest and proceeds to the account. It further directs the President to implement the investment requirement by not later than 45 days after enactment.

This section amends Section 104(f) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (22 U.S.C. 9521 note) to direct the Secretary of State to obligate and expend at least $250 million from the Ukraine Support Fund not less frequently than every 90 days for assistance to Ukraine (or the remaining balance if less than $250 million). (As background, the Ukraine Support Fund holds proceeds from immobilized Russian sovereign assets to provide economic and reconstruction assistance to Ukraine.) It expresses the sense of Congress that the President ensure the first such obligation occurs no later than 60 days after Russian sovereign assets are deposited in the fund.

This section adds a new section 109 to Title II of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (22 U.S.C. 9521 note) that (1) requires the President to submit to the appropriate congressional committees, within 90 days of enactment of the REPO for Ukrainians Implementation Act of 2025, an unclassified report (with possible classified annex) identifying covered countries (i.e., Australia and G7 or EU members other than the U.S.) holding Russian sovereign assets, the amounts in each, and descriptions including whether the assets are frozen, blocked, or immobilized and whether they are accruing interest; and (2) requires a similar report on non-covered countries within 270 days of enactment. The new section further expresses the sense of Congress that, within 30 days of enactment, the Secretary of State, in coordination with the Secretary of the Treasury, commence diplomatic efforts to persuade each covered country to repurpose at least 5% of its Russian sovereign assets quarterly for Ukraine's benefit. This section also makes a clerical amendment to the Act's table of contents.

This section modifies the judicial review provision in section 104(k) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act by striking “this section” each place it appears and inserting “this division”. (Thus, judicial review of agency actions now applies to the entire division rather than solely section 104.)

This section makes technical corrections to the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (division F of Public Law 118–50; 22 U.S.C. 9521 note), including: (1) in section 2(2), changing a cross-reference from "paragraph (7)" to "paragraph (6)"; (2) in section 101(a), capitalizing "[D]eplore[d]" in paragraph (4) and specifying "Resolution ES–11/5" in paragraph (6); (3) in section 102(6), replacing the period with a semicolon; (4) in section 103(a), changing a cross-reference from "section 104(j)" to "section 104(l)"; (5) in section 104, revising a regulatory citation from "section 501.603(b)(ii)" to "section 501.603(b)(1)(ii)", changing "accounts" to "account" in subsection (d)(2), and changing "Funds" to "funds" in subsection (f)(1); and (6) in section 105, changing cross-references from "section 104(c)" to "section 104(d)", from "section 104(f)" to "section 104(g)", and from "subsection (c)(2)" to "subsection (c)".