Lawmakers Push Bill to Transfer Forfeited Russian Assets to Ukraine
A bipartisan group of five lawmakers urged congressional leaders in a June 25 letter to schedule House and Senate floor time on a bill that would allow Ukraine to receive hundreds of millions of dollars in Russian assets forfeited due to export control or sanctions violations.
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Sens. Lindsey Graham, R-S.C., and Joe Manchin, I-W.Va., and Reps. Brendan Boyle, D-Pa., Bill Keating, D-Mass., and Brian Fitzpatrick, R-Pa., said their proposed Transferring Illicit Assets to Ukraine Act would expand DOJ's asset transfer authority to include assets forfeited as a result of economic countermeasures the U.S. has used since Russia first invaded Ukraine in 2014.
"As [Russian President] Vladimir Putin intensifies his illegal invasion, we must use every available tool -- particularly those with no cost to American taxpayers -- to support our Ukrainian allies in their fight for freedom," the letter says.
The lawmakers said their bill would complement a recent agreement by the Group of Seven nations to use interest from frozen Russian assets to finance about $50 billion in loans to Ukraine (see 2406140056).
The letter is addressed to Senate Majority Leader Chuck Schumer, D-N.Y., Senate Minority Leader Mitch McConnell, R-Ky., House Speaker Mike Johnson, R-La., and House Minority Leader Hakeem Jeffries, D-N.Y. The recipients had no immediate comment.