The 5 W's

A 24-Hour Update: Treasury Re-Adds Francesca Albanese to SDN List; Board of Peace Fund Empty as Member States Fail to Deposit Pledged Billions; Hungarian Parliament Votes to Formalize ICC Reversal

Published: May 28, 2026
By: Zeeshan Khan
Reading time: 15 minutes
Category: UN / Human Rights / Legal

Note: May 28, 2026 – This is an update to the May 27, 2026 article: D.C. Circuit Reinstates Sanctions Against UN Expert as Legal Fight Intensifies – Board of Peace Criticism and Hungary ICC Reversal Stand

WASHINGTON / GENEVA / THE HAGUE / BUDAPEST – May 28, 2026 – One day after the D.C. Circuit’s emergency stay was reported, the U.S. Treasury Department has formally re-designated UN Special Rapporteur Francesca Albanese as a specially designated global terrorist (SDGT), fully restoring sanctions against her. Simultaneously, new reporting reveals the Board of Peace’s reconstruction fund has run out of money with zero dollars spent on rebuilding Gaza, even as its representatives prepare for their first visit to the Strip. Hungary’s parliament has voted overwhelmingly to formalize its reversal of ICC withdrawal.

This 24-hour update covers the Treasury Department’s May 27 re-designation of Albanese, the Board of Peace’s empty fund and planned Gaza visit, the Hungarian parliament’s vote to remain in the ICC, and the unchanged status of the full appeal and ICC warrants.

The Essentials: Who, What, When, Where, Why, How (Last 24 Hours)

Who: The U.S. Treasury Department; UN Special Rapporteur Francesca Albanese; the Board of Peace and High Representative Nickolay Mladenov; the Hungarian parliament and Prime Minister Péter Magyar; the International Criminal Court (ICC); the Israeli government and IDF; and donor states including the U.S., Morocco, and the UAE.

What: Four major developments since May 27, 2026:

• The Treasury Department has officially re-added Francesca Albanese to the Specially Designated Nationals (SDN) list, fully restoring sanctions against her
• The Board of Peace’s reconstruction fund has run out of money; pledged billions have not been deposited, and zero dollars have been spent on rebuilding Gaza
• The Board of Peace is preparing for its first visit to the Gaza Strip and has submitted an official request for approval to the IDF
• Hungary’s parliament voted 133 in favor of remaining in the ICC, formalizing the government’s reversal of withdrawal

When:

• May 27, 2026 – Treasury Department re-adds Albanese to SDN list
• May 27, 2026 – Reports emerge that Board of Peace fund has run out of money
• May 27, 2026 – Board of Peace representatives preparing first Gaza visit
• May 27, 2026 – Hungarian parliament votes 133 in favor of remaining in ICC
• May 22, 2026 – D.C. Circuit grants emergency stay (previously reported)
• May 20, 2026 – Treasury removed Albanese from SDN list (previously reported)

Where: Treasury Department (Washington, D.C.); Board of Peace operations (Gaza/New York); Hungarian parliament (Budapest); ICC (The Hague).

Why (Immediate Cause): The Treasury Department’s re-designation follows the D.C. Circuit’s May 22 emergency stay, which allowed the administration to reinstate sanctions. The Board of Peace’s empty fund stems from donor states failing to deposit pledged contributions. Hungary’s parliamentary vote formalizes Prime Minister Magyar’s reversal of the previous Orbán government’s withdrawal notification.

How (Mechanism): The Treasury Department updated the SDN list on its official website on May 27, 2026, restoring Albanese’s designation. The Board of Peace’s fund is empty because member states have not deposited pledged funds; some donations have gone directly to a JPMorgan account for operating expenses. Hungary’s parliament passed a bill to remain in the ICC; the bill now requires the president’s signature to become law.

Specific Updates in the Last 24 Hours (May 27–28, 2026)

1. Treasury Formally Re-Adds Albanese to SDN List, Restoring Sanctions

On May 27, 2026, an update on the U.S. Treasury Department’s website showed that Francesca Albanese has been officially re-added to the Specially Designated Nationals (SDN) list. This action fully restores sanctions against the UN Special Rapporteur, which had been temporarily lifted following Judge Leon’s May 13 preliminary injunction and the Treasury’s May 20 removal.

What the Re-Designation Means: The sanctions are now fully enforced again. Albanese is prohibited from entering the United States, accessing U.S. banking systems, or engaging in business with U.S.-based entities. The Treasury Department’s action implements the D.C. Circuit’s May 22 emergency stay, which allowed the administration to reinstate the designation while the full appeal proceeds.

Connection to Previous Article: The May 27 article reported that the D.C. Circuit had granted an emergency stay and that sanctions were “enforceable again.” The Treasury Department’s May 27 SDN list update confirms that the administration has fully executed the court’s ruling, moving from legal enforceability to administrative action.

Updated Sanctions Timeline:

Date	Event
May 13, 2026	Judge Leon issues preliminary injunction blocking sanctions
May 15, 2026	Treasury formally suspends sanctions implementation
May 20, 2026	Treasury removes Albanese from sanctions list
May 21, 2026	DOJ files emergency motion to reinstate sanctions
May 22, 2026	D.C. Circuit GRANTS emergency stay, reinstating sanctions
May 27, 2026	Treasury RE-ADDS Albanese to SDN list – sanctions fully restored

2. Board of Peace Fund Has Run Out of Money – Zero Dollars Spent on Reconstruction

New reporting since May 27, 2026, has revealed that the Board of Peace’s official reconstruction fund has run out of money only four months after its launch. While member states pledged $7billionandtheTrumpadministrationcommittedanadditional$7billionandtheTrumpadministrationcommittedanadditional10 billion, “zero dollars have been deposited” into the fund according to a person familiar with the matter.

How Donations Have Been Diverted: Some donations have gone directly to a JPMorgan account that is not subject to independent transparency requirements, rather than to the official fund. These funds have been used for operating expenses, including Nickolay Mladenov’s office, rather than for reconstruction. A senior congressional aide confirmed that “not one US dollar” has been spent on rebuilding Gaza so far.

Donation Status:

Donor	Pledged Amount	Status
Member states (combined)	$7 billion	Not deposited into official fund
Trump administration	$10 billion	Not deposited; no US dollars spent on reconstruction
Morocco	$3 million	Went to JPMorgan account for operating expenses
UAE	$20 million	Went to JPMorgan account for operating expenses

What This Means: The Board of Peace, which was established to coordinate Gaza reconstruction following the ceasefire, has no money available for actual rebuilding. Operating expenses are being covered by direct donations that bypass the official fund and its transparency requirements.

3. Board of Peace Preparing First Visit to Gaza

In a separate development, reports indicate that representatives of the Board of Peace, led by Nickolay Mladenov, are now preparing for their first visit to the Gaza Strip in the coming days. The Board has submitted an official request for approval to the Israel Defense Forces (IDF).

Significance of the Visit: The planned visit would be the Board’s first on-the-ground assessment in Gaza since its establishment. It comes as the Board faces criticism for its first report to the UN Security Council on May 21, 2026, which critics said placed sole blame on Hamas for the stalled ceasefire despite Israel not fulfilling its obligations.

Connection to Previous Article: The May 27 article reported that the Board of Peace’s first report had drawn criticism for its one-sided narrative. The planned Gaza visit and the empty fund are new developments that were not covered in the previous article.

4. Hungarian Parliament Votes to Remain in ICC – Formalizes Reversal

On May 27, 2026, Hungary’s parliament voted overwhelmingly to remain a member of the International Criminal Court. The vote was 133 in favor, formalizing the government’s reversal of its previous intention to withdraw from the Rome Statute.

What the Vote Means: The legislative action, pushed by new Prime Minister Péter Magyar, officially reverses the previous Orbán government’s withdrawal notification, which was set to take effect on June 2, 2026. The bill now requires the president’s signature to become law. Once signed, Hungary will remain the only EU member state in the ICC.

Connection to Previous Article: The May 27 article reported that Hungary had announced it would remain in the ICC. The parliamentary vote is the formalization of that announcement, moving from government statement to legislative action.

Updated Hungary ICC Timeline:

Date	Event
(Previous)	Orbán government announces intention to withdraw from ICC
May 22, 2026	New Hungarian government announces reversal; will remain in ICC
May 27, 2026	Parliament votes 133 in favor of remaining in ICC
Pending	President’s signature required to become law

5. Full Appeal Remains Pending Before D.C. Circuit (Unchanged)

The D.C. Circuit’s May 22 ruling was a stay – a temporary measure – not a final decision on the merits of the case. The full appeal of Judge Leon’s injunction is still pending before the D.C. Circuit. The core constitutional question – whether a foreign national outside U.S. territory has First Amendment rights – remains unresolved. No ruling has been issued on the full appeal as of May 28, 2026.

6. ICC Warrant Expectations: No New Warrants Issued (Unchanged)

No new ICC arrest warrants have been issued as of May 28, 2026. The ICC continues to deny that new warrants have been issued against Israeli officials beyond those for Netanyahu and Gallant. The Pre-Trial Chamber has not yet ruled on Prosecutor Khan’s May 2024 applications.

Comparison: Before (May 27 Article) and After (May 28 – Current)

Issue	As of May 27, 2026 (Article)	As of May 28, 2026 (Current)
Sanctions against Albanese	REINSTATED – Enforceable pending appeal	FULLY RESTORED – Treasury re-adds to SDN list
Board of Peace fund status	Not specified	EMPTY – Zero dollars deposited; no US dollars spent on reconstruction
Board of Peace Gaza visit	Not specified	PLANNED – Preparing first visit; request submitted to IDF
Hungary ICC status	Reversed withdrawal; will remain ICC member	FORMALIZED – Parliament votes 133 in favor; awaits president’s signature
Full appeal before D.C. Circuit	PENDING – No ruling yet	PENDING – Unchanged
ICC warrants	No warrants issued	NO WARRANTS ISSUED – Unchanged

Arguments and Reactions (Updated for May 28)

Administration Position (Following Treasury Re-Designation)

The Treasury Department’s re-designation of Francesca Albanese represents the full implementation of the D.C. Circuit’s emergency stay. A State Department spokesperson welcomed the Treasury action. The administration’s position remains that the sanctions are lawful and necessary for national security.

Board of Peace – Criticism Intensifies (Following Empty Fund Revelation)

The revelation that the Board of Peace’s fund has run out of money with zero dollars spent on reconstruction has intensified criticism of the US-led framework. A senior congressional aide confirmed that “not one US dollar” has been spent on rebuilding Gaza, despite pledges totaling $17 billion. Critics have noted that some donations have gone directly to a JPMorgan account for operating expenses rather than to the official fund, bypassing transparency requirements.

Hungarian Government (Following Parliamentary Vote)

Prime Minister Péter Magyar pushed the bill through parliament, with 133 votes in favor. The vote formalizes Hungary’s reversal of its ICC withdrawal. The bill now requires the president’s signature to become law. Once signed, Hungary will remain the only EU member state in the ICC.

Timeline of Key Events (Updated Through May 28, 2026)

Date	Event
May 13, 2026	Judge Leon issues preliminary injunction blocking sanctions
May 15, 2026	Treasury formally suspends sanctions implementation
May 20, 2026	Treasury removes Albanese from sanctions list
May 21, 2026	DOJ files emergency motion to reinstate sanctions
May 21, 2026	Board of Peace delivers first report to UN Security Council
May 22, 2026	Hungary announces it will remain in ICC
May 22, 2026	D.C. Circuit GRANTS emergency stay, reinstating sanctions
May 22-23, 2026	Board of Peace report draws criticism for one-sided blame
May 23, 2026	State Department confirms it is “actively fighting” to restore sanctions
May 27, 2026	Treasury RE-ADDS Albanese to SDN list – sanctions fully restored
May 27, 2026	Reports emerge that Board of Peace fund has run out of money
May 27, 2026	Board of Peace preparing first visit to Gaza; request submitted to IDF
May 27, 2026	Hungarian parliament votes 133 in favor of remaining in ICC
May 28, 2026	Current article published

Why This Matters (Updated for May 28)

These developments represent significant changes to the legal, financial, and diplomatic landscape described in the May 27 article.

For the Sanctions Case: The Treasury Department’s re-designation of Francesca Albanese means the sanctions are now fully enforced, not just legally permissible. Albanese is once again prohibited from entering the U.S., accessing U.S. banking systems, or engaging in business with U.S.-based entities. The full appeal still pending will determine the ultimate legality of the sanctions and the constitutional question of First Amendment rights for foreign nationals outside U.S. territory.

For Gaza Reconstruction: The revelation that the Board of Peace’s fund has run out of money with zero dollars spent on reconstruction is a major development. Pledged billions from member states and the Trump administration have not been deposited. Some donations have gone directly to a JPMorgan account for operating expenses rather than to rebuilding. A senior congressional aide confirmed that “not one US dollar” has been spent on rebuilding Gaza. The Board’s planned first visit to Gaza comes amid this financial crisis and ongoing criticism of its first report’s one-sided narrative.

For the ICC and International Law: Hungary’s parliamentary vote to remain in the ICC formalizes the reversal of withdrawal. Once the president signs the bill, Hungary will remain the only EU member state in the ICC. This is a significant victory for the court and for international criminal justice, as it maintains the ICC’s European footprint.

Current Status Summary (As of May 28, 2026, 14:00 EST)

Question	Answer
Has Treasury re-added Albanese to the SDN list?	YES – May 27, 2026 – Sanctions fully restored
Has the Board of Peace fund run out of money?	YES – Zero dollars deposited into official fund
How much has been spent on Gaza reconstruction?	ZERO – Not one US dollar spent on rebuilding
Where have some donations gone?	Directly to JPMorgan account for operating expenses
Is the Board of Peace planning a Gaza visit?	YES – Preparing first visit; request submitted to IDF
Has Hungary formalized its ICC reversal?	YES – Parliament votes 133 in favor; awaits president’s signature
Is the full appeal before D.C. Circuit resolved?	NO – Still pending; no ruling yet
Have new ICC warrants been issued?	NO – No warrants issued as of May 28

What Happens Next (Updated for May 28)

Immediate term (days to weeks):

• The Board of Peace’s planned Gaza visit may proceed pending IDF approval
• Further reporting may emerge on the empty fund and diverted donations
• The Hungarian president may sign the bill to finalize ICC membership
• The D.C. Circuit will continue processing the full appeal

Short term (weeks to months):

• The D.C. Circuit will hear the full appeal and issue a final ruling on the legality of sanctions
• The ICC Pre-Trial Chamber may rule on existing and potential warrant applications
• Congressional oversight of Board of Peace funding may intensify following the empty fund revelation

Long term (months to a year):

• Either party could appeal the D.C. Circuit’s final ruling to the Supreme Court
• The Board of Peace’s credibility may be further affected by the empty fund and planned visit
• Hungary’s formal ICC membership may influence other countries considering withdrawal

Sources

• U.S. Treasury Department (May 27, 2026) – Specially Designated Nationals (SDN) List update – Francesca Albanese re-designated
• U.S. Court of Appeals for the D.C. Circuit (May 22, 2026) – Order granting emergency stay of preliminary injunction
• New reporting (May 27, 2026) – Board of Peace reconstruction fund empty; zero dollars deposited; no US dollars spent on rebuilding Gaza
• New reporting (May 27, 2026) – Some donations (Morocco $3M,UAE$3M,UAE20M) went directly to JPMorgan account for operating expenses
• Senior congressional aide (May 27, 2026) – Confirmed “not one US dollar” spent on Gaza reconstruction
• New reporting (May 27, 2026) – Board of Peace preparing first Gaza visit; request submitted to IDF
• Hungarian parliament (May 27, 2026) – Vote of 133 in favor of remaining in ICC; bill awaits president’s signature
• Reuters (May 23, 2026) – “US ‘actively fighting’ to restore sanctions against UN expert Albanese”
• UN News (May 21, 2026) – “Board of Peace delivers first report on Gaza to Security Council”
• Previous article: D.C. Circuit Reinstates Sanctions Against UN Expert as Legal Fight Intensifies – Board of Peace Criticism and Hungary ICC Reversal Stand (The 5 Ws, May 27, 2026) – Baseline information on D.C. Circuit stay, Board of Peace criticism, Hungary announcement