WASHINGTON, D.C. – Today, Chairman of the Subcommittee on National Security, Illicit Finance and International Financial Institutions, Blaine Luetkemeyer (MO-03) introduced the Ukraine Reconstruction Accountability and Transparency Act to direct the United States Executive Director at the international financial institutions to use the United States’ influence as a major stakeholder to prevent companies from countries that actively supported the Russian invasion of Ukraine from benefitting from its reconstruction. Congressman Bill Huizenga (MI-04), Congressman Andy Barr (KY-06), Congressman Pete Sessions (TX-17), Congresswoman Young Kim (CA-40), Congressman Zach Nunn (IA-03) and Congresswoman Monica De La Cruz (TX-15) are original cosponsors.

“It has been tragic to watch Putin’s destruction of Ukraine as countless innocent lives have been lost at his military direction. As Ukraine works to rebuild in the wake of the destruction and pain the Russian military has inflicted, the countries who have aided Russia’s efforts should not be benefitting from Ukraine’s rehabilitation in any way,” said Luetkemeyer. “The National Security Subcommittee has direct oversight over U.S. involvement of those institutions and as Chairman, I intend to use our country’s sizable voice, vote, and influence to restrict Putin’s allies from participating in and making money off the destruction they so eagerly supported.”

Bill text can be found HERE. 

Background:
The bill would require the Secretary of Treasury to instruct the U.S. Executive Director at each international financial institutions to use our national influence to prevent their respective institution from entering into a contract for the reconstruction of Ukraine with any company that is located or has operations in, among other nations, China, Belarus, North Korea, Russia, Syria, Iran, and South Africa; or any other country whose government has provided material or diplomatic support for the Russian invasion of Ukraine.

The Department of Treasury would have waiver authority for a respective country that, after the date of enactment takes public action in opposition of the government to the Russian invasion of Ukraine, including by voting in the affirmative on a UN General Assembly Resolution that expresses that opposition; or provides material support to the efforts of the Government of Ukraine to evict Russian forces from sovereign Ukrainian territory.