U.S. Congress Proposes Bill to Seize Russian Assets and Expand Sanctions, Empowering Biden to Support Ukraine

Leroy Carter -

The U.S. House of Representatives is currently reviewing the "21st Century Peace through Strength Act," a proposed bill announced by Ukrainian Ambassador to the U.S., Oksana Markarova. This legislation seeks to enable the confiscation of Russian sovereign assets for the benefit of Ukraine and to broaden anti-Russian sanctions. The details were covered in a recent report by "European Truth."

The specific segment of the bill related to Ukraine allows for the possibility of confiscating Russian sovereign assets. These assets, once seized, would be directed into specialized funds, notably the Compensation Fund and the Ukraine Support Fund. This move is part of a broader strategy to enhance the support provided to Ukraine amidst ongoing tensions with Russia.

President Joe Biden would be granted the authority to implement this asset confiscation process. Furthermore, the bill stipulates that the President should coordinate the mechanism for transferring these confiscated assets to Ukraine with allies such as the G7 countries, the European Union, Australia, and other U.S. partners.

Within 90 days of the act's approval, President Biden is required to submit a report to Congress. This report must detail:

  • Every individual and entity currently under EU and UK sanctions.
  • Every individual and entity that meets the criteria for U.S. sanctions under the 2016 Global Magnitsky Human Rights Accountability Act, Executive Order 14024 (related to specific harmful activities of the Russian government), Executive Order 14068 (prohibiting certain import/export operations and new investments due to ongoing Russian aggression), and Executive Order 14071 (prohibiting new investments and certain services to Russia in response to its continuing aggression).

The President is then obligated to impose sanctions on each identified individual and entity, consistent with those already sanctioned by the EU or the UK, and meeting the U.S. sanctioning criteria.

The legislation also contains several other sanction provisions that do not directly relate to Ukraine but aim to intensify the fight against the proliferation of fentanyl, enhance U.S. sanction policies, combat money laundering, strengthen information security, and boost the fight against crime and other domestic policy issues.

The Rules Committee is tasked with developing the procedures for reviewing the bill and coordinating its presentation for general debate. One approach under consideration is to combine all bills related to U.S. international assistance, including the 21st Century Peace through Strength Act, into a single package.

Ambassador Markarova also disclosed details about another bill supporting Ukraine, which is expected to be deliberated by the House of Representatives this Saturday after several months of delays. This underscores the continuing efforts of the U.S. Congress to reinforce its commitment to Ukraine during these challenging times.