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U.S. senators draft legislation to seize Russian oligarchs' assets for Ukraine aid

U.S. senators draft legislation to seize Russian oligarchs' assets for Ukraine aid U.S. Senators preparing a bill on the confiscation of assets of Russian oligarchs (Photo: GettyImages)

U.S. senators have introduced a bill to freeze the assets of Russian oligarchs, with the funds being directed to aid Ukraine, according to Senator Sheldon Whitehouse.

U.S. senators have introduced a bill that would enable the U.S. government to more swiftly seize the assets of Russian oligarchs subject to sanctions. The revenues from these assets would be directed towards the recovery and rebuilding efforts in Ukraine.

"This commonsense legislation provides a clear mechanism to expedite the seizure of Putin-connected illicit assets and transfer those funds to support Ukraine. Putin and his cronies will be held accountable for the death and destruction they have caused,” said Congressman Wilson.

Russian oligarchs closely connected to the Russian government have been aiding in financing the war against Ukraine. The law, which facilitates the confiscation of their unlawfully acquired assets, will assist Ukraine in its recovery efforts post-conflict.

“Our bipartisan bill holds accountable the cruel enablers of Putin’s murderous invasion of Ukraine. By providing necessary authorities to U.S. law enforcement, it will enable swift seizures of super yachts, jets, mansions, penthouses, and other luxury assets belonging to Putin’s partners in conflict to support the brave Ukrainian freedom fighters,” said Senator Blumenthal.

The proposed legislation will streamline the confiscation of assets belonging to Russian oligarchs and individuals associated with the Russian government, regardless of their value. Additionally, the bill ensures that all funds obtained from the confiscation of these assets will be directed toward the reconstruction of Ukraine.

U.S. Assistance to Ukraine

Previously, we reported that the U.S. provided non-repayable aid for Ukraine's energy sector and allocated $522 million for the purchase of energy equipment.

We also mentioned that U.S. President Joe Biden requested Congress to allocate $106 billion, with $60 billion directed towards defense assistance for Ukraine.