Representative Zach Nunn (IA-03), Vice Chair of the House Financial Services Subcommittee on National Security, on Tuesday introduced the bipartisan Preventing the Escalation of Armed Conflict in Europe (PEACE) Act. The bill, co-led by Representative Josh Gottheimer (NJ-05), would authorize new financial sanctions targeting foreign banks that support Russia’s energy sector or sanctioned Kremlin entities.
“President Trump is right to demand results and push both sides toward peace. As a combat veteran and former intelligence officer, I know that words alone will not bring the Russians to the table,” said Rep. Nunn. “This bipartisan bill puts teeth behind our message, cutting off the financial lifelines that fund Putin’s aggression without costing the taxpayer a cent.”
The PEACE Act comes as Russia escalates missile and drone attacks on civilian and energy infrastructure in Ukraine, including six recent strikes on gas facilities in Odesa that left hundreds of thousands without power or heat. These attacks directly undermine international efforts to negotiate a ceasefire and stabilize the region.
“We can’t allow foreign institutions to bankroll Putin’s brutal war of aggression in Ukraine. Russian forces have killed thousands of innocent civilians and continue to attack critical energy infrastructure, including strikes this weekend that left hundreds of thousands of Ukrainians without power,” said Rep. Gottheimer.“ We need to hit Putin back where it hurts. That’s why I’m proud to introduce this bipartisan legislation with Congressman Nunn to cut off the financial lifelines propping up Putin’s unprovoked and vicious aggression. We must stop his dictatorial march across Ukraine.”
The bill equips the Treasury Department with expanded authority to block U.S. access for any foreign bank that knowingly does business with sanctioned Russian actors or operates in the Kremlin’s energy sector. It includes:
- Mandatory Sanctions: Prohibits U.S. bank access for foreign institutions that fund sanctioned Russian entities or the energy sector.
- Presidential Waiver with Oversight: Allows temporary national interest waivers by the president with mandatory Congressional reporting.
- Sunset Clause: Includes language to sunset the expanded sanctions authority five years after enactment or 30 days after Russia ceases destabilizing Ukraine.
The legislation has been referred to the House Financial Services Committee, where it is expected to advance in the coming weeks.
Text of the bill can be found here.
