South Iowa News

Representative Zach Nunn of Iowa, Vice Chair of the House Financial Services Subcommittee on National Security, has introduced the bipartisan Preventing the Escalation of Armed Conflict in Europe (PEACE) Act. The bill is co-led by Representative Josh Gottheimer from New Jersey and aims to impose new financial sanctions on foreign banks supporting Russia's energy sector or sanctioned Kremlin entities.

“President 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,” stated Rep. Nunn. “This bipartisan bill puts teeth behind our message, cutting off the financial lifelines that fund Putin’s aggression without costing the taxpayer a cent.”

The introduction of the PEACE Act coincides with Russia's intensified missile and drone attacks on Ukraine's civilian and energy infrastructure. These include six recent strikes on gas facilities in Odesa, which have left many without power or heat, hindering international efforts for a ceasefire.

“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,” said Rep. Gottheimer. “We need 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.”

The bill provides the Treasury Department with enhanced authority to block U.S. access for any foreign bank knowingly doing business with sanctioned Russian actors or operating within Russia's energy sector.

The legislation has been forwarded to the House Financial Services Committee for further consideration.