Ukraine Support Act This bill addresses the war between Russia and Ukraine by (1) providing assistance to Ukraine and certain European countries, and (2) establishing penalties for Russia and certain foreign persons (individuals and entities). Assistance provided under the bill includes

• establishing a reconstruction trust fund for Ukraine,
• requiring the U.S. International Development Finance Corporation to prioritize support for Ukraine,
• reviving the President’s authority to lend or lease defense articles to Ukraine or Eastern European countries affected by the war through FY2028, 
• extending through 2027 the Department of Defense’s authority to provide security assistance and intelligence support to Ukrainian forces, and
• requiring the Department of State to take certain actions to build the capacity of the militaries and border forces of Baltic countries.

Additionally, the President must periodically determine if the Russian government or any proxy is waging a war of aggression against Ukraine, refusing to sincerely negotiate a peace agreement with Ukraine, or acting in violation of a negotiated peace agreement with Ukraine. If the President makes such a determination, the President must impose certain penalties including

• property- and visa-blocking sanctions on certain Russian officials;
• property-blocking sanctions on Russian companies in the oil and mining sectors, Rosatom (Russia's state-owned nuclear enterprise) and its subsidiaries, and certain Russian financial institutions; and
• increasing the rate of duty on all goods and services imported from Russia into the United States to at least 500% relative to the value of such goods and services.