US House approves bill to transfer seized Russian assets to Ukraine
The U.S. House of Representatives on April 20 passed a bill that would allow the seizure and transfer of frozen Russian assets held in the U.S. to Ukraine.
The bill caters to Republican priorities, also including sanctions on Iran and a measure that could lead to a nationwide ban on TikTok. The House also approved a key foreign aid package that includes almost $61 billion to assist Ukraine.
The bills will now head to the Senate for a vote before being sent to President Joe Biden for signing.
The measure approved by the House on April 20 will enable the executive branch to seize immobilized Russian assets and use them to help Ukraine’s defense and recovery efforts, according to CNN.
The majority of the Russian central bank’s assets that were frozen by the European Union and Group of Seven (G7) are held in the EU. The U.S. holds around 5$ billion worth of Russian assets out of the total of $300 billion frozen by Kyiv’s Western and other allies.
While some partners, like the U.S., have been pushing to funnel these funds directly to Kyiv, European countries have been more hesitant, fearing economic and legal pitfalls.
The EU is instead working on a plan to use the profits generated by the frozen assets to fund defense assistance for Ukraine.
In a positive step on April 16, the Parliamentary Assembly of the Council of Europe (PACE) voted unanimously in support of a resolution calling for seizing frozen Russian assets and using them for a new fund for Ukraine's reconstruction.
