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US Congress approves bill on transfer of Russia’s frozen assets to Ukraine

Congress of the United States.
The Congress of the United States. Photo: president.gov.ua
US Congress approves bill on transfer of Russia’s frozen assets to Ukraine

The House Committee on Foreign Affairs of the US Congress has approved a bill on using confiscated Russian assets to aid Ukraine, UkrInform writes.

The bill authorizes the Secretary of State to provide additional assistance to Ukraine using frozen assets from Russia’s central bank and other sovereign assets of Russia.

The legislation requires the Secretary of State, in consultation with USAID, to assess Ukraine’s most urgent needs for reconstruction and security within 180 days of enactment.

The bill also makes returning any confiscated Russian assets impossible until Russia provides compensation to Ukraine, according to US Representative Michael McCaul who introduced it for consideration.

“We need a plan for victory as soon as possible, one that ensures that the US is not shouldering this burden alone. So that is why I introduced (…) this bipartisan and bicameral legislation that demands that Biden’s administration transfer frozen Russian sovereign assets to Ukraine. It’s time that Russia starts paying for the war that it started,” the official said during the hearing.

The bill now awaits further consideration by the US Congress.

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