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US Senate introduces bill to confiscate assets of Russian oligarchs

by Rachel Amran December 1, 2023 1:33 AM 2 min read
The U.S. House of Representatives and Capitol Dome on May 28, 2023 in Washington, D.C. (Anna Rose Layden/Getty Images)
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U.S. Senators introduced a bipartisan bill on Nov. 28 aimed at confiscating assets of Russian oligarchs to be used towards the reconstruction of Ukraine.

The Asset Seizure for Ukraine Reconstruction Act, introduced by Senators Sheldon Whitehouse and Lindsey Graham, together with Representatives Joe Wilson and Steve Cohen, would "allow DOJ to more quickly seize and transfer Russian oligarchs’ private jets, yachts, and other high-value assets."

“War criminal Putin’s oligarchs have played a major role in financing the mass murder of Ukrainians while lining their own pockets and benefitting from freedoms they actively work to destroy," Representative Joe Wilson stated. "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."

The bill would lift the $500,000 cap on administrative forfeitures of assets owned by Russian oligarchs and more clearly define the DOJ’s transfer authority to allow the U.S. government to transfer to Ukraine all the seized funds.

Oksana Markarova, the current Ambassador of Ukraine to the United States, stated on Facebook that "we are grateful to all the co-authors of this extremely relevant and important legislative initiative for the victory of Ukraine and the restoration of justice, and we hope for its consideration and adoption in the Congress in the future."

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