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

byOlena Mukhina

08/11/2023

1 minute read

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.

Read also:

You could close this page. Or you could join our community and help us produce more materials like this. We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Will the West continue to support Ukraine?

Know what moves the world.
Stay informed with Kompreno.
Get quality journalism from across Europe.

Special discount

for Euromaidan Press readers

We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!