The idea was supported by both Republicans and Democrats, noting the importance of immediate support in Ukraine’s war with Russia.
The relevant committee of the US lower house has supported a bill that would allow future seizures of frozen Russian assets. These funds are then expected to be transferred to Ukraine as financial aid. We are talking about money from the Central Bank of Russia, Voice of America reported on November 8.
The bipartisan, bicameral bill would require President Joe Biden’s administration to transfer Russia’s frozen sovereign assets to Ukraine, according to Republican Michael McCaul. The document now needs to be evaluated in Congress.
Important
“It is time for Russia to be held accountable for the war it started,” he stressed.
This decision is expected to be supported by both Democrats and Republicans, so the State Department will have to provide additional assistance to Ukraine using Russian assets. It is assumed that the funds will not be given directly to official Kiev, but will be contributed to a special Ukrainian Support Fund.
The bill also provides that the U.S. government will first receive title and proceeds of funds seized from such a fund. However, we are not talking about the entire amount at once; Financing will be provided only when necessary.
To determine such a need, the Secretary of State, together with the U.S. Agency for International Development, is expected to submit an assessment of Ukraine’s most pressing needs within 180 days of enactment. For example, money may be allocated for:
- to get better;
- security assistance;
- humane aid.
The exact amount in question has not been officially disclosed. However, in early September, US Deputy Attorney General Lisa Monaco said that $1 billion worth of Russian property had been seized in the US.
Interestingly, Russia continues to claim that seizing foreign assets would not cause any harm to the country. For example, speaking at the Eastern Economic Forum on September 12, Russian President Vladimir Putin said that Russia has already earned twice the amount that other countries have frozen.
Source: Focus
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