Ukraine Democracy and Fair Elections Act of 2004

Ukraine Democracy and Fair Elections Act of 2004 - States that Congress expresses its: (1) support for democracy, free elections, and respect for human rights and the rule of law in Ukraine; (2) support for the integration of Ukraine into the European community of democracies; and (3) grave concern over the murders and disappearances of independent journalists in Ukraine.

Directs the President to apply specified entry, asset seizure, and investment sanctions to Ukraine until the President certifies to the appropriate congressional committees that Ukraine has: (1) implemented free and transparent elections for president and Parliament; (2) stopped harassment and repression against the media, independent trade unions, nongovernmental organizations, religious organizations, and the political opposition; and (3) stopped politically motivated legal charges against opposition figures and independent journalists.

Authorizes the President to waive such sanctions if: (1) in the national interest; or (2) a new president is elected in Ukraine in 2004 who has corrected election abuses.