Asset Seizure for Ukraine Reconstruction Act

Legislation authorizing the Justice Department to more quickly seize high-value assets owned by sanctioned Russian oligarchs and transfer the funds to Ukraine is being sponsored by a bipartisan group of lawmakers.

The Asset Seizure for Ukraine Reconstruction Act would allow Justice to seize high-value assets owned by sanctioned Russian oligarchs more quickly through existing administrative forfeiture processes and transfer the proceeds from those assets to assistance for Ukraine.

The bill would lift the $500,000 cap on administrative forfeitures of assets owned by Russian oligarchs and others that aid the Russian government in violation of US laws. It also would clarify DOJ’s transfer authority, ensuring that the US government can transfer to Ukraine all the funds it acquires through seizure of Russian oligarch assets.

“The Ukrainian people have suffered unspeakable atrocities at the hands of Russia. As such, it is only fair that Putin and his henchmen pay to help Ukraine and its people recover. 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,” said Senate Foreign Relations Committee ranking Republican Jim Risch (Idaho). “But this bill is just a first step. We must also act to seize Russia’s sovereign assets in the United States.”

Also sponsoring the bill are Sens. Sheldon Whitehouse (D-RI) and Lindsey Graham (R-SC) and Reps. Joe Wilson (R-SC) and Steve Cohen (D-Tenn).