US HB5835

Amends the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act to allow the President to transfer Russian sovereign assets into the Ukraine Support Fund without confiscating them, enabling placement in interest-bearing accounts

Requires the Secretary of the Treasury to invest Ukraine Support Fund amounts not needed for current withdrawals in interest-bearing U.S. obligations, with interest and proceeds credited back to the fund

Authorizes the Secretary of State to obligate and expend at least $250,000,000 from the Ukraine Support Fund every 90 days to provide assistance to Ukraine

Mandates presidential reports within 90 days identifying covered countries (G7, EU, Australia) holding frozen Russian sovereign assets, and within 270 days for non-covered countries, including asset amounts and status

Calls for diplomatic engagement within 30 days to persuade allied countries to repurpose at least 5% of Russian sovereign assets quarterly for Ukraine's benefit, recognizing the OSCE Porto Declaration's call to unlock the estimated $300 billion in frozen Russian assets