Requires the Treasury to invest the Ukraine Support Fund's Russian asset balances and lets the State Department spend at least $250 million per quarter from that fund for Ukraine assistance.

• Requires the Treasury to invest the Ukraine Support Fund in interest-bearing U.S. obligations, with interest and sale proceeds added to the fund, and requires that investment within 45 days of enactment.
• Requires the Secretary of State to obligate and spend at least $250,000,000 from the fund every 90 days while money remains, with a smaller final amount allowed.
• Requires reports to Congress within 90 and 270 days on where Russian sovereign assets are held, how much is in each country, and whether the assets are frozen or earning interest.
• Directs diplomatic efforts urging covered countries, including Australia and G7 and EU members, to repurpose at least 5 percent of their Russian sovereign assets each quarter for Ukraine.

• Foreign Relations Committee (Senate)

International Affairs