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Congressional bill authorizes Biden to confiscate Russian assets - Ambassador

Congressional bill authorizes Biden to confiscate Russian assets - Ambassador Oksana Markarova, Ukraine's Ambassador to Washington, D.C. (Vitalii Nosach, RBC-Ukraine)
Author: Maria Kholina

The proposed 21st Century Peace through Strength Act in the United States House of Representatives suggests the confiscation of Russian assets in favor of Ukraine and an expansion of sanctions against Moscow, according to the Ukrainian Ambassador to the United States, Oksana Markarova.

According to her, the bill grants the US president the authority to implement a procedure for the confiscation of sovereign assets with the subsequent transfer of the corresponding funds to special funds (Compensation Fund, Ukraine Support Fund). Moreover, the president can coordinate the transfer algorithm of confiscated Russian assets to Ukraine with the Group of Seven countries, the EU, Australia, and other US partners.

Furthermore, the bill stipulates that no later than 90 days after its adoption, the US president must submit a report to Congress identifying each individual and legal entity subject to sanctions by the EU and the United Kingdom, the ambassador disclosed.

"The US president must impose sanctions against every individual and legal entity identified in the aforementioned report as subject to sanctions by the EU or the United Kingdom and meeting the specified criteria for sanctions in the United States," Markarova said.

The Speaker of the United States House of Representatives, Mike Johnson, proposed dividing the Senate bill on national security into four separate bills, with $60 billion allocated for aid to Ukraine in a separate document.

The text of the bill on aid to Ukraine proposed by Johnson on April 17. All details of the proposal can be found in the RBC-Ukraine report.