Transfer of certain Russian assets held by United States financial institutions

(a) Transfer from United States financial institutions (1) In general Not later than 90 days following the date of the enactment of this Act, the Secretary of the Treasury shall— (A) seize, confiscate, transfer, or vest any covered Russian resources, in whole or in part, and including any interest or interests in such assets, held by a United States financial institution; and (B) deposit the resulting funds into the Ukraine Support Fund established under subsection 104(d) of the REPO for Ukrainians Act (22 U.S.C. 9521 note), which may be used for the purposes specified in section 104(f) of such Act or for the purchase of defense articles for the Government of Ukraine. (2) Authorities The Secretary of the Treasury shall have the same authority under this subsection with respect to covered Russian resources as are provided to the President under section 104(b) of the REPO for Ukrainians Act (22 U.S.C. 9521 note) with respect to Russian aggressor state sovereign assets. (b) Waiver The President may waive the requirements of subsection (a) for up to 180 days at a time, for a cumulative period not to exceed 1 year, upon reporting to Congress in writing that— (1) the Government of the Russian Federation is taking meaningful steps to cease its destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine; or (2) the waiver is important to the national interest of the United States. (c) Definitions In this section: (1) Covered Russian resources The term covered Russian resources means funds and other property of the Central Bank of the Russian Federation, the Russian National Wealth Fund, or the Ministry of Finance of the Russian Federation that— (A) are included in a report pursuant to— (i) directive 4 of Executive Order 14024; or (ii) section 104(a) of the REPO for Ukrainians Act (22 U.S.C. 9521 note); and (B) are located in the United States. (2) United States financial institution The term United States financial institution means— (A) a financial institution specified in subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (M), or (AA) section 5312(a)(2) of title 31, United States Code, as amended by the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021; and (B) such other persons or entities as the Secretary of the Treasury determines appropriate.