New initiative to speed up seizure of Russian oligarchs’ assets introduced in US Congress

A bipartisan group of US senators has introduced a legislative initiative that would expedite the seizure of high-value assets owned by Russian oligarchs in favour of Ukraine.

Source: European Pravda, citing a press release posted by Democratic Senator Sheldon Whitehouse on 29 November

Details: The bill would lift the US$500,000 cap on administrative forfeitures of assets owned by Russian oligarchs and other individuals who aid the Russian government in defiance of US law.

It would also clarify the US Department of Justice's authority to use the seized property, guaranteeing that the US government can transfer to Ukraine all the funds it acquires through the seizure of Russian oligarchs' assets.

The document was submitted to Congress by Democratic Senator Sheldon Whitehouse and Republican Lindsey Graham, along with Republican House member Joe Wilson and Democrat Steve Cohen. Senators Richard Blumenthal, Jim Risch and Michael Bennet co-sponsored the bill.

"This legislation will help ensure the private financial assets of those enabling Russia’s war are seized and used to help the people of Ukraine, rather than fund terror and genocide. But this bill is just a first step. We must also act to seize Russia’s sovereign assets in the United States," said Jim Risch.

Under current law, the US Department of Justice can only transfer assets to Ukraine if they were forfeited for violations of certain Russia-related sanctions.

This has only happened once, in February 2023, when US Attorney General Merrick Garland approved the transfer of US$5.4 million seized from Russian oligarch Konstantin Malofeyev to Ukraine.

So far the US Senate has put forward several proposals on the seizure of Russian assets, including sovereign assets—those that are owned by the Russian government.

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