The U.S. House Financial Services Committee on July 22 advanced legislation proposed by U.S. Rep. Zach Nunn (R-IA) that aims to bring about a peaceful resolution to the Russia-Ukraine conflict.
The committee voted 53-1 to pass the bipartisan Preventing the Escalation of Armed Conflict in Europe (PEACE) Act of 2025, H.R. 4346, which Rep. Nunn sponsored on July 10 alongside lead original cosponsor U.S. Rep. Josh Gottheimer (D-NJ) to strengthen 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,” Rep. Nunn said. “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.”
If enacted, H.R. 4346 would equip the U.S. 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, according to a bill summary provided by Rep. Nunn’s staff.
Specifically, this would include mandatory sanctions for banks facilitating transactions with sanctioned Russian entities; a narrow presidential waiver with congressional oversight to ensure flexibility without undermining enforcement; and a sunset clause to ensure sanctions remain focused on Russia’s destabilizing activities in Ukraine, the summary says.
H.R. 4346 now advances to the full U.S. House of Representatives for consideration.