Frozen Russian assets for weapons for Ukraine: New bill introduced in US

A group of US senators has introduced legislation that would amend existing law to allow Ukraine to use assets confiscated from the Central Bank of Russia and other Russian sovereign assets to purchase military equipment.

Source: a press release on the website of Senator Tim Kaine, as reported by European Pravda

Details: The Seized Assets for Battlefield Equipment and Readiness (SABER) Act was introduced by Democratic senators Tim Kaine, Chris Coons and Sheldon Whitehouse, together with Republican senators John Cornyn, Roger Wicker and Chuck Grassley.

Quote from Kaine: "The resolve and resilience of Ukrainians in defending their homeland from Russian forces has been commendable, and the international community must continue to do all we can to ensure Ukraine has what it needs to be successful on the battlefield and rebuild their country.

That's why I'm joining my colleagues in introducing this bipartisan legislation to allow the use of Russian sovereign assets to buy defence articles that would support Ukraine's fight against Russia."

Details: Senator Cornyn noted that the REPO Act, which allows frozen Russian sovereign assets under US jurisdiction to be confiscated and transferred to Ukraine, had laid important groundwork for the seizure and repurposing of billions of dollars in frozen Russian assets.

Quote from Cornyn: "By extending the law's permissible use of funds to replenish Ukraine's arsenal, this legislation [SABER – ed.] would go one step further to helping our ally defend against Russian aggression and force Putin to foot the bill for arming Ukraine."

Details: Senator Coons stressed that SABER would create new avenues for providing support to help ensure "our and Ukraine's security".

Background: On 4 June, the US House of Representatives passed the Ukraine Support Act, which provides for new military assistance to Ukraine and sanctions against Russia.

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