S. 2918 — 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 recognizing (1) that 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 Cooperation in Europe, and (2) the Parliamentary Assembly of the Organization for Security and Cooperation in Europe’s unanimous adoption on July 3, 2025, of the Porto Declaration calling on participating states to repurpose an estimated $300 billion in frozen Russian sovereign assets, in sizeable increments on a regular 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" and restructures the provision on vesting confiscated funds as new subparagraph (A). It also adds subparagraph (B) authorizing the President to transfer non-confiscated Russian aggressor state sovereign assets to the Ukraine Support Fund, without confiscating such funds, for placement in an interest-bearing account.

This section revises the investment provisions for the account of the Ukraine Support Fund—established under section 104(d) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (22 U.S.C. 9521 note) to hold profits from immobilized Russian sovereign assets for Ukraine's reconstruction and recovery—by (1) expanding paragraph (1) to authorize investment of both funds in the account and amounts credited under new paragraph (3), and (2) adding paragraph (3) to require the Secretary of the Treasury to invest any excess amounts not needed for current withdrawals in interest-bearing U.S. obligations or obligations guaranteed as to principal and interest by the U.S., with interest earned and proceeds from sales or redemptions credited to the account. (Thus, enabling the account to generate and retain additional revenue.) It directs the President to implement the investment requirement by 45 days after enactment.

This section requires the Secretary of State to obligate and expend at least $250 million from the Ukraine Support Fund every 90 days (i.e., quarterly) for assistance to Ukraine while funds remain, obligating the remaining balance when less than $250 million is left. (As background, the Ukraine Support Fund—established by the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act—holds revenues from immobilized Russian sovereign assets to provide economic and security assistance to Ukraine.) It expresses the sense of Congress that the first such obligation occur no later than 60 days after Russian sovereign assets are deposited in the Fund.

This section requires the President to submit to the appropriate congressional committees (1) within 90 days of enactment of the REPO for Ukrainians Implementation Act of 2025, a report 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 a description of those assets including whether they are frozen, blocked, or immobilized and whether they are accruing interest; and (2) within 270 days of enactment, a similar report for non-covered countries. The reports must be unclassified but may include a classified annex. This section also 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 covered countries to repurpose at least 5% of their Russian sovereign assets quarterly for Ukraine's benefit. (Thus, the provision supports potential use of approximately $300 billion in immobilized Russian central bank assets abroad to aid Ukraine's reconstruction.)

This section modifies the judicial review provision in 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) by replacing references to "this section" with "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 by (1) in section 2(2), replacing "paragraph (7)" with "paragraph (6)"; (2) in section 101(a), (A) in paragraph (4), replacing "deplore[d]" with "[d]eplore[d]", and (B) in paragraph (6), replacing "a resolution" with "Resolution ES–11/5"; (3) in section 102(6), replacing the period at the end with a semicolon; (4) in section 103(a), replacing "section 104(j)" with "section 104(l)"; (5) in section 104, (A) in subsection (a), replacing "section 501.603(b)(ii)" with "section 501.603(b)(1)(ii)", (B) in subsection (d)(2), replacing "accounts" with "account", and (C) in subsection (f)(1), replacing "Funds" with "funds"; and (6) in section 105, (A) in subsection (a), replacing "section 104(c)" with "section 104(d)", (B) in subsection (b), replacing "section 104(f)" with "section 104(g)", and (C) in subsection (f), replacing "subsection (c)(2)" with "subsection (c)".