The US House of Representatives passed bill HR6930 on the allocation of assets subject to US sanctions for reconstruction and humanitarian assistance to Ukraine, the press service of the Congress reports.
“Specifically, within two years from the entry into force of this bill, the President (Joe Biden – IF) may seize such assets if (1) Russia continues to participate in the conflict of territorial seizures in Ukraine; (2) the President has imposed sanctions on the owner of the assets for reasons related to corruption, human rights violations, malicious influence or conflicts in Ukraine; and (3) the value of the assets exceeds $5 million,” the website says.
It is explained that “the seized assets can be liquidated and the funds received can only be used for certain purposes, including (1) post-conflict reconstruction of Ukraine, (2) humanitarian aid and refugee support for the Ukrainian people, (3) weapons for the Ukrainian armed forces ( …)”.
The law must be approved by the Senate and signed by the President of the United States to enter into force.
The House of Representatives of the US Congress passed a bill providing for the confiscation of Russian sanctioned assets.
According to Prime Minister of Ukraine Denys Shmyhal, he personally discussed the need for such an important step with Speaker of the House of Representatives Nancy Pelosi during a recent visit to the United States.
“Thank you for this fair decision. The aggressor must pay for the destroyed property! The provisions of the document allow these funds to be used to restore Ukraine, provide humanitarian assistance to Ukrainians and other assistance to the state, including military,” the head of the Ukrainian government said.
He added that Canada is currently preparing a similar bill, which he also spoke about with Canadian Deputy Prime Minister Chrystia Freeland during his visit to the United States.
ASSISTANCE UKRAINE, BILL, RUSSIAN ASSETS RESTORATION, US CONGRESS
