newshouse passes legislation to seize russian oligarchs assets

House passes legislation to seize Russian oligarchs’ assets

russia ukraine economy
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A bipartisan majority of the U.S. House of Representatives voted to pass the Asset Seizure for Ukraine Reconstruction Act, legislation that would encourage the seizure and sale of Russian oligarchs’ assets to support Ukraine’s continued fight for freedom.

The bill would push the president to declare an emergency upon finding that Russia is engaged in hostilities against Ukraine — unlocking the federal government’s authority to confiscate funds or property worth over $5 million from sanctioned Russians or foreigners linked to the Russian government.

The funds gained from this seizure and sale of oligarch assets would go toward post-conflict reconstruction in Ukraine, humanitarian assistance, military aid, refugee resettlement, or technology to ensure the free flow of information to the Ukrainian people.

“Each day, we learn about unspeakable atrocities committed against the innocents of Ukraine. Putin’s oligarchs must be held accountable for their complacency, their disregard for human life, and their unyielding support of a dictator. This legislation would encourage the administration to seize their mega-yachts, lavish artwork, luxury jets, and opulent mansions — and then use these assets to provide much-needed aid to the people of Ukraine,” said Abigail Spanberger (D-VA-07), a member of the U.S. House Foreign Affairs Committee.

“Ukraine can win this war, just as it did the Battle of Kyiv. In addition to continued weapons shipments and humanitarian assistance, strong measures like those identified in this bill will make sure we maintain a united front, keep up relentless pressure on Putin’s regime, and give the Ukrainian people the chance at victory they deserve.”

Additionally, the bill would authorize cash rewards administered by the U.S. Treasury Department for individuals who provide information leading to the confiscation of assets — or to any nonprofit humanitarian organization that identifies ill-gotten assets for seizure.

The bicameral, bipartisan Asset Seizure for Ukraine Reconstruction Act is led in the U.S. House by U.S. Representatives Tom Malinowski (D-NJ-07) and Joe Wilson (R-SC-02). The U.S. Senate version of the bill is led by U.S. Senators Sheldon Whitehouse (D-RI), Lindsey Graham (R-SC), Richard Blumenthal (D-CT), and Roger Wicker (R-MS).



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