WASHINGTON, D.C. — The House Financial Services Committee today advanced Representative Zach Nunn’s (IA-03) bipartisan Preventing the Escalation of Armed Conflict in Europe (PEACE) Act. The legislation strengthens U.S. sanctions against foreign banks that support Russia’s energy sector and Kremlin-linked entities fueling the war in Ukraine.
“Words alone won’t stop Putin’s aggression—cutting off the money will,” said Rep. Nunn. “As a combat veteran and intelligence officer, I’ve seen firsthand how financial pressure can be used to stop violence before it escalates. This bill delivers a clear message: if you’re bankrolling Putin’s war machine, you will pay the price. I’m proud to see it move forward with bipartisan support.”
The PEACE Act acknowledges Russia’s continued assault on Ukraine, despite U.S. efforts to bring them to the negotiating table. Recognizing that increased pressure may be necessary to create the conditions for meaningful negotiations, this bill equips the Treasury Department with targeted tools to restrict U.S. financial access for any foreign bank that knowingly conducts business with sanctioned Russian actors or contributes to Russia’s energy sector. It includes:
- Mandatory sanctions for banks facilitating transactions with sanctioned Russian entities
- A narrow presidential waiver with Congressional oversight to ensure flexibility without undermining enforcement
- A sunset clause to ensure sanctions remain focused on Russia’s destabilizing activities in Ukraine
The PEACE Act will now advance to the full House of Representatives for consideration.
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