The new legislation would pave the way for Washington to confiscate Russian central bank assets amounting to $300 billion and direct them to Ukraine’s reconstruction.
From: Euromaiden Press BY MICHELLE BONDAR
The Senate Foreign Relations Committee passed the Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act 20-1 on Wednesday, 24 January, Reuters reports. The bill has broad bipartisan support and, if passed, will set the scene for Ukraine to get hold of some $300 billion of Russia’s frozen assets worldwide.
The act is expected to pass the full Senate and House of Representatives and be signed into law by President Biden. It would allow the US government to seize the central bank assets of a country it is not at war with, which is a historic first.
“Ukraine is on the verge of being overrun by Russia if we do not give them the help that they need,”Senator Ben Cardin, the Democratic foreign relations committee chairman, told Reuters about the proposed asset seizure. “We all know that it will not end with Ukraine,”he said.
Over $300 billion of Russian central bank assets have been frozen by the EU, United States, Japan, and Canada since Russia invaded Ukraine, with only 5 to 6 billion located in the US. However, Russia is bracing to challenge any attempts to confiscate its central bank reserves.
Voice of Ukraine 