US House of Representatives sanctions seizure of Russian assets to support Ukraine

April 22,2024 373
US House of Representatives sanctions seizure of Russian assets to support Ukraine

The US House of Representatives has approved a bill to use frozen Russian assets to benefit Ukraine. 360 lawmakers supported the initiative, with 58 opposing it. The document was passed on April 21 along with three other bills for foreign aid, including for Ukraine.

The bill addresses national security priorities such as imposing sanctions on Iran and considering a TikTok ban. Additionally, it includes provisions concerning Ukraine, specifically focusing on Russia’s financial obligations for its reconstruction.

The bill gives the US President the authority to implement the procedure for confiscating sovereign assets, with the subsequent transfer of the corresponding funds to special funds. At the same time, the transfer algorithm of resources can be coordinated with the G7 countries, the EU, Australia, and other US partners.

No later than 90 days after the document’s adoption, the US President must provide the US Congress with a report listing every individual and entity under sanctions in the EU and the UK and every individual and entity meeting the criteria for US sanctions.

According to the American television channel NBC News, over six billion dollars out of 300 billion frozen Russian assets are held in US banks. Meanwhile, most immobilized resources are in Germany, France, and Belgium.

Earlier, the UWC President called for the confiscation of Russian assets. “Finding the right formula to fund Ukraine with Russia’s frozen assets should be an international priority. This will reduce the financial pressure on Western countries and undermine economic arguments against continued international support for Ukraine,” Paul Grod wrote.

Cover: Boris Alekseev/Andolu Agency/Getty Images