WASHINGTON DC – A pair of leading Republican lawmakers on the US Congressional Financial Services Committee is pushing the White House to double down its peace efforts in Ukraine by cutting off the financial lifelines that fund Russian leader Vladimir Putin’s aggression.
Congressmen Zach Nunn (R-IA) and Josh Gottheimer (R-NJ), leading members 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 would authorize new financial sanctions targeting foreign banks that support Russia’s energy sector or sanctioned Kremlin entities, according to a copy of the draft seen by Kyiv Post.
“President [Donald] 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,” Nunn said when introducing the bill.
Gottheimer agreed: “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,” he said, adding that it’s time 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,” he said.
The PEACE Act comes as Putin took advantage of a recent US aid pause to Ukraine, to launch record-breaking air attacks, killing dozens of Ukrainian civilians.
Russia also escalated 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, the legislators said.
The PEACE Act equips Trump’s Treasury Department with expanded authority to block US access for any foreign bank that knowingly does business with sanctioned Russian actors or operates in the Kremlin’s energy sector.
The bill has been referred to the House Financial Services Committee, where it is expected to advance it in the coming weeks.