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ARTICLE

US House of Representatives supports confiscating frozen Russian assets for Ukraine’s benefit
UKRAINSKA PRAVDA
Iryna Kutielieva, KATERYNA TYSHCHENKO
Saturday, 20 April 2024, 20:35
https://www.pravda.com.ua/eng/news/2024/04/20/7452182/

The US House of Representatives has voted in favor of the bill that would see the expansion of sanctions against Russia and allow Russian assets to be confiscated in favor of Ukraine.

SOURCE: European Pravda

DETAILS:
A total of 360 congressmen voted in favor of the bill, with 58 voting against.

As far as Ukraine is concerned, the bill provides for the possibility of confiscating Russian sovereign assets in favor of Ukraine.

The US president is given power to confiscate Russian sovereign assets and subsequently transfer the money to two funds: the Compensation Fund and Ukraine Support Fund.

The president may also coordinate a mechanism for transferring confiscated Russian assets to Ukraine with the Group of Seven (G7) states, the EU, Australia, and other US allies.

The bill stipulates that no later than 90 days after its adoption, the US president must submit a report to the Congress, which shall include:

• every person and entity subject to EU and UK sanctions;

• every person and entity that meets the criteria for US sanctions under the Magnitsky Global Human Rights Accountability Act of 2016; Executive Order 14024 (sanctions related to certain harmful activities of the Russian government); Executive Order 14068 (prohibiting certain imports, exports, and new investments in connection with the ongoing Russian aggression); and Executive Order 14071 (prohibiting new investments and certain services to the Russian Federation in response to the ongoing Russian aggression).

The president of the United States must impose sanctions against each person and entity identified in the above report as being subject to EU or UK sanctions and meeting the above US sanctions criteria.

The Act contains several other sanctions provisions that do not apply to Ukraine and are intended to enhance the fight against the distribution of fentanyl, strengthen US sanctions policy, combat money laundering, enhance information security, and enhance the fight against crime and other domestic policy issues.

The Rules Committee will set out the rules for reviewing the draft bill and vote on whether it will be released for debate. It is possible that US foreign aid bills and the 21st Century Peace through Strength Act will be combined for vote into one package.

The House of Representatives is also set to consider four bills on foreign aid on Saturday, 20 April, including a bill on aid for Ukraine.

BACKGROUND:
• On 18 April, Democrats in the House of Representatives departed from the usual political norms in the USA to save a foreign aid package, including for Ukraine, proposed by House Speaker Mike Johnson. The House Rules Committee voted to advance a package of four bills for consideration on the House floor.

• House Speaker Mike Johnson introduced the package of bills, which includes support for Ukraine, on Wednesday. It envisages allocating around US$61 billion in aid to Ukraine and allies. The bill’s final vote is expected to occur by the evening of Saturday, 20 April.