The Biden administration plans to coordinate this with G7 allies, including the EU, where $200 billion of frozen Russian assets are stored.
US President Joe Biden’s administration is backing a draft law that would confiscate about $300 billion in frozen Russian assets and use these funds to restore Ukraine. This was reported by Bloomberg news agency.
“The bill would give the executive branch the powers necessary to confiscate Russian sovereign assets in favor of Ukraine,” the National Security Council memorandum notes.
Biden’s support for the move came as congressional Republicans blocked more than $60 billion in aid to Ukraine, partly over concerns that it would be too much of a financial burden.
The Biden administration also wants to coordinate this move with G7 allies, especially in Europe, where about $200 billion of frozen Russian assets are stored and where there is less support. for their seizure, especially unilaterally, notes Bloomberg.
“Together with our G7 partners, we are exploring all options consistent with our respective legal systems and international law to help Ukraine obtain compensation from Russia,” the US State Department said in a statement.
The National Security Council supports the effort as part of tools the US is considering to force Russia to pay for war damage, according to an unnamed senior White House official. The World Bank estimates that rebuilding Ukraine could cost around $411 billion.
According to the publication’s source, the topic will be raised at a meeting of G7 leaders on the anniversary of Russia’s invasion of Ukraine next month. The US Congress sees the possibility that this decision can be made as part of an additional support package for Ukraine.
The idea of using Russian funds to finance the reconstruction of Ukraine is seen as a way to bolster support for Kyiv, as some Republicans oppose expanding funding. Republican House Speaker Mike Johnson supported the idea in an interview with the New York Post, calling it “a very responsible thing for us.”
Democrats and Republicans on the committee are split on two main parts of the bill, which requires Biden to reach out to G7 nations but does not require their approval, which some say could give the United States the ability act unilaterally.
The bill also contains language intended to prevent Russia from challenging the arrest in US courts, which could be a potential constitutional weakness.
The Ministry of Justice of Ukraine positively assessed the news about the confiscation of Russian assets. This was stated in a message from Deputy Minister of Justice Irina Mudraya on her Facebook page.
“Bloomberg released very optimistic news: President Joe Biden’s administration is backing a bill to confiscate $300 billion in frozen Russian assets to help rebuild Ukraine,” he said.
According to him, “HR 4175 and S. 2003 give the executive branch the powers necessary to confiscate Russian sovereign assets in favor of Ukraine.”
“This will be a kind of signal for the EU, as well as the US allies in the G7, to confiscate the immovable assets of the Russian Federation, and this is approximately ($300 billion seized in EU countries and G7),” the official noted.
He added that we should now wait for the G7 meeting (February 2024), “where this topic will be the leading topic for discussion.”
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.