A bipartisan group of U.S. lawmakers introduced a bill on Friday aimed at accelerating the transfer of frozen Russian state assets to Ukraine for defense and reconstruction.
The bill, introduced by Reps. Joe Wilson and Tom Kean (Republicans) and Marcy Kaptur and Steve Cohen (Democrats), proposes repurposing a “significant subset” of Russian assets on a “regular, established schedule.”
The bill is to build on the foundation of the previous “REPO Act” (on restoring economic prosperity and opportunity for Ukrainians) by establishing a clear mechanism for transferring funds to Kiev.
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This House measure is expected to run concurrently with a Senate bill introduced by Senators Sheldon Whitehouse and Jim Risch in September and passed by the Senate Foreign Relations Committee earlier this week.
Frozen billions. This measure is intended to hit the Russians in the pocket
Most importantly, the regulations require the Secretary of the Treasury to invest funds deposited in the Ukrainian Support Fund in interest-bearing U.S. bonds, and the account will also be credited with interest and proceeds.
It is estimated that the total amount of frozen assets kept by the US and its allies is approximately USD 300 billion. [ok. 1,1 bln zł].
The Capitol building in Washington, the seat of the US CongressBenjamin Clapp / Shutterstock
In addition, the Act establishes a regular schedule of expenditure. It states that the Secretary of State should appropriate and spend an amount of not less than $250 million. [ok.912 mln zł] from the fund for assistance to Ukraine at least once every 90 days while funds remain available.
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“The war criminal Putin has decided to invade Ukraine,” wrote Congressman Wilson, co-chair of the Congressional Friends of Ukraine, in a statement. He added that the bill “will ensure that Putin's money will be used to help Ukraine in defense against Russian aggression.
Congresswoman Kaptur, co-chair and co-founder of the group, said the measure would “increase pressure on Putin's Russia” and help Ukraine “take its long-awaited place among free democratic nations in Europe.”
Marcy Kaptur, congresswoman from Ohio, during a pro-Ukraine press conference on Capitol Hill. Washington, April 25, 2023Rod Lamkey / CNP Photo via Newscom / PAP
The bill would also aim to set a model internationally. Congressman Kean noted that the bill “establishes a clear framework for ensuring consistent U.S. investment in Ukraine encourages our G7 allies to do the same“.
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Congressman Cohen summarized this goal as “fundamental fairness.” “This bill guarantees that this blood money will now be put to good use to support Ukrainians who were attacked by Putin,” he said.
Congressmen Joe Wilson (at the microphone) and Steve Cohen during a pro-Ukraine press conference on Capitol Hill. Washington, April 25, 2023Rod Lamkey / CNP Photo via Newscom / PAP
Kyiv Post spoke with a Republican aide working in Congress who has knowledge about the bill. He stressed that a consistent, mandatory transfer schedule is seen as a key step that shifts the costs of Ukraine's reconstruction from Western taxpayers to the Russian state.This will set a powerful, if controversial, new precedent in international law regarding sovereign immunity.
I’m Ashley Davis as an editor, I’m committed to upholding the highest standards of integrity and accuracy in every piece we publish. My work is driven by curiosity, a passion for truth, and a belief that journalism plays a crucial role in shaping public discourse. I strive to tell stories that not only inform but also inspire action and conversation.
