Lawmaker Pushes Bill to Sanction Foreign Banks That Support Russian Energy Sector
Rep. Zach Nunn, R-Iowa, said Aug. 21 that the House should take up his Russia sanctions bill if Moscow doesn’t negotiate a peace deal with Ukraine.
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The Preventing the Escalation of Armed Conflict in Europe (Peace) Act would give President Donald Trump “new tools to shut down the cash behind Russia’s war machine,” Nunn wrote on X.
The legislation would expand the Treasury Department's authority to prohibit U.S. bank access for foreign financial institutions that serve Russia’s energy sector or sanctioned Russian entities. The House Financial Services Committee approved the bill 53-1 in July (see 2507240016 and 2507080037).