U.S. Rep. Zach Nunn Representative for Iowa's 3rd District | Official U.S. House headshot
U.S. Rep. Zach Nunn Representative for Iowa's 3rd District | Official U.S. House headshot
The House Financial Services Committee has advanced the bipartisan Preventing the Escalation of Armed Conflict in Europe (PEACE) Act, introduced by Representative Zach Nunn. The legislation aims to tighten U.S. sanctions on foreign banks that support Russia's energy sector and Kremlin-linked entities involved in the Ukraine conflict.
"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 ongoing assault on Ukraine and provides the Treasury Department with tools to limit U.S. financial access for foreign banks conducting business with sanctioned Russian actors or supporting Russia's energy sector.
The bill includes mandatory sanctions for banks facilitating transactions with sanctioned Russian entities, a narrow presidential waiver with Congressional oversight, and a sunset clause focusing sanctions on Russia's destabilizing activities in Ukraine.
The PEACE Act will proceed to the full House of Representatives for consideration.
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