H.R.6930: Assets Seizure for Ukraine Reconstruction Act
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President Biden on Thursday, April 28, 2022, announced his administration was looking at ways to convert assets seized from wealthy Russians associated with Vladimir Putin and use them to help arm and rebuild Ukraine. New Jersey Rep. Tom , in the video published on April 28, 2022, Malinowski, a Democrat who co-sponsored a bill that passed the House this week called the “H.R. 6930: Assets Seizure for Ukraine Reconstruction Act,” joins Nick Schifrin to discuss, in the video published on April 28, 2022, “New bill aims to use assets seized from wealthy Russian to assist Ukraine“, below:
Introduced in House (03/03/2022)
Asset Seizure for Ukraine Reconstruction Act
This bill authorizes the President to, subject to certain conditions, seize assets belonging to a foreign person whose wealth is derived in part through political support for or corruption linked to Russian President Vladimir Putin.
Specifically, for two years starting from this bill’s enactment, the President may seize such assets if (1) Russia remains engaged in a conflict of territorial conquest in Ukraine; (2) the President has imposed sanctions on the owner of the assets for reasons related to corruption, human rights violations, malign influence, or conflicts in Ukraine; and (3) the assets are valued at over $5 million.
Such seized assets may be liquidated, and the resulting funds may only be used for specified purposes, including (1) the post-conflict reconstruction of Ukraine, (2) humanitarian assistance and refugee support for the Ukrainian people, (3) weapons for Ukraine’s uniformed military forces, and (4) humanitarian and development assistance for the Russian people.
To see bill summary, please click HERE.
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