House Financial Services Committee Chair Pushes Two Russia Sanctions Bills
House Financial Services Committee Chairman Rep. French Hill, R-Ark., urged Congress Sept. 15 to pass two pending Russia sanctions bills to pressure Moscow to end its war against Ukraine.
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One bill, offered by Reps. Zach Nunn, R-Iowa, and Josh Gottheimer, D-N.J., is the Preventing the Escalation of Armed Conflict in Europe Act, or Peace Act, which would give the Treasury Department expanded authority to prohibit U.S. bank access for foreign financial institutions that serve Russia’s energy sector or sanctioned Russian entities (see 2507080037). Hill’s committee approved the Peace Act by a 53-1 vote in July (see 2507240016).
“This proposal would finally kneecap Russia's energy revenues, which still total some $200 billion per year,” Hill said in a House floor speech. The Peace Act also would transfer frozen Russian assets to a "support fund" that Ukraine could use to buy defensive weapons.
The other bill Hill promoted is the Sanctioning Russia Act, which would impose a wide range of sanctions on Russia and its supporters if Moscow fails to make peace. Sens. Lindsey Graham, R-S.C., and Richard Blumenthal, D-Conn., and Rep. Brian Fitzgerald, R-Pa., introduced the measure in April (see 2504020003). Hill is an early co-sponsor of the Fitzpatrick version.
Graham and Fitzgerald urged Congress Sept. 13 to consider attaching their bill to the continuing resolution that lawmakers need to pass to keep the government temporarily funded when FY 2026 begins Oct. 1.
President Donald Trump has threatened to increase sanctions on Russia on his own, but it is unclear if or when he will do so (see 2509150008 and 2509150022). He recently indicated that U.S. allies in Europe must first take certain steps, including ending their purchases of Russian oil.
Senate Minority Leader Chuck Schumer, D-N.Y., said Congress should act on Russia sanctions if Trump does not, citing recent Russian drone incursions into Polish and Romanian airspace. "We need more sanctions on Russia now," Schumer wrote on X. "If Trump refuses to fight for America and put pressure on [Russian President Vladimir] Putin, we will fight for Congress to increase sanctions on Russia now.'