The House of Representatives Adopted the “Asset Seizure for Ukraine Reconstruction Act”

by Olha Povaliaieva
Thursday, April 28, 2022
The House of Representatives Adopted the “Asset Seizure for Ukraine Reconstruction Act”

This means that the assets of Russians frozen by sanctions on accounts registered in the United States will be transferred to the restoration of Ukraine as a result of Putin's war

On April 27, 417 members of the House of Representatives voted to pass H. R. 6930 — Asset Seizure for Ukraine Reconstruction Act.

"The President upon determination that Russia remains engaged in a conflict of territorial conquest in Ukraine, may, by means of instructions, licenses, or other regulations as may be promulgated, confiscate any property or accounts subject to the jurisdiction of the United States and valued over $5.000.000 of any foreign person described in subsection (b). All rights, title, and interest in any property so confiscated shall vest, upon the terms directed by the President, in such agency or person as the President may designate from time to time, and upon such terms and conditions as the President may prescribe. Such interest or property may be held, used, administered, liquidated, or sold, by such agency or person and such designated agency or person may perform any and all acts incident to the accomplishment or furtherance of these purposes," stated in the explanatory note to the law.

This law reflects the position of the United States regarding Russia's intervention in Ukraine and its obligation to indemnify and accountability to the Ukrainians.

Every day, Russia inflicted damage on Ukraine, both physical and economic. Many cities were completely destroyed, some partially. Hundreds of hospitals, schools, administrations, kilometers of communications (water, electricity, gas, etc.), bridges, and critical infrastructure were destroyed. The pre-war restoration of damage requires $7 billion a month. In the post-war period, even more, will be needed. And Russia will pay reparations.

Today, Canada is also in the process of finding ways to transfer sanctioned Russian funds to Ukraine.

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