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US introduces bipartisan bill on confiscation of Russian assets in favour of Ukraine

Thursday, 30 November 2023, 19:32
US introduces bipartisan bill on confiscation of Russian assets in favour of Ukraine
Stock photo: Getty Images

The bill, which enables the US Department of Justice to confiscate valuable assets belonging to sanctioned Russian oligarchs and quickly transfer them to Ukraine, has been presented by a bipartisan and bicameral group of US lawmakers.

Source: Oksana Markarova, Ukraine’s Ambassador to the US 

Quote: "A bipartisan and bicameral group of US Congress members consisting of Senator Sh.Whitehouse (D), Senator L.Graham (R), Congressman G.Wilson (R) and Congressman S. Cohen (D) has presented the bill, Asset Seizure for Ukraine Reconstruction Act. Senators R.Blumenthal (D), co-head of the Foreign Affairs Committee G.Rish (R) and M.Bennett (D) have joined them as co-authors."

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The text of the bill is fully available at the link.

"The bill authorises the US Department of Justice to confiscate valuable assets belonging to sanctioned Russian oligarchs more quickly and transfer these assets to Ukraine," the ambassador wrote.

The bill cancels the existing US$500,000 restriction concerning the possibility of applying the procedure of a free asset withdrawal of Russian oligarchs and other persons who violate US legislation.

The bill also authorises the US Department of Justice to transfer all funds from the Russian assets confiscated by the US government to Ukraine (at the moment, the Department of Justice is only able to transfer the assets confiscated for evading the sanctions against Russia to Ukraine).

Markarova reported that the bill is to be considered soon and expressed hope that it will be considered and adopted in the US Congress as soon as possible.

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