Ukraine Reconstruction Act of 2023

HR 5370, the Ukraine Reconstruction Act of 2023, directs the U.S. government to use assets blocked from Russia (designated as an "Aggressor State") and Belarus (designated as an "Affiliated Aggressor State") to fund Ukraine's reconstruction. It requires transferring these blocked assets into an international fund or a U.S. reconstruction fund if an international tribunal for claims isn't established promptly, with strict reporting and auditing requirements. The law expires on December 31, 2030, but allows for orderly winding down of operations. This directly affects Ukraine (as the recipient of reconstruction funds) and Russia/Belarus (as targets of asset freezes).