US Senate proposes buying weapons for Ukraine using Russian funds
Photo: US senators propose buying weapons for Ukraine with Russian assets (Getty Images)
A bipartisan group of six US senators has introduced the SABER Act. It would expand the permitted use of confiscated Russian sovereign assets to include purchasing weapons for Ukraine, according to an official statement on Senator Tim Kaine’s website.
Under the current REPO Act, frozen assets of the Central Bank of the Russian Federation under US jurisdiction can be confiscated, but their use is limited to reconstruction, humanitarian aid, and compensation funds.
The SABER bill removes this restriction and allows the funds to be directed directly toward purchasing military equipment for Ukraine.
The initiative is backed by three Democrats and three Republicans: Tim Kaine, Chris Coons, Sheldon Whitehouse, John Cornyn, Roger Wicker, and Chuck Grassley.
"The REPO Act laid important groundwork for seizing and repurposing billions of dollars in frozen Russian assets to help the Ukrainian people defend their own sovereignty after Russia’s unprovoked invasion of Ukraine," Cornyn said.
"This support for Ukraine comes at no cost to the American taxpayer," Grassley emphasized.
Arguments from the sponsors
Kaine stressed that "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."
Coons said the bill opens "new pathways for support so we can assure our and Ukraine’s security."
Whitehouse added that "hundreds of billions of dollars in frozen Russian funds should be put to good use repelling Russian invaders and supporting the brave Ukrainians fighting for freedom."
Wicker emphasized that Ukrainians should have "every means available to defend themselves."
After the start of the full-scale invasion in 2022, Western countries froze around $300 billion in assets belonging to the Central Bank of Russia. Most of these funds are held in the Belgian clearing house Euroclear, with the rest located in the US, Japan, and other G7 countries.
The EU is already using the profits from these assets, including to purchase weapons. The European Commission plans to channel them into a €140 billion reparations loan for Ukraine, most of which would be spent on defense.
In the US, the Senate had previously proposed transferring confiscated funds to Ukraine every 90 days.