President Biden is seeking new authorities to more easily liquidate assets seized from Kremlin-aligned oligarchs — and allow the proceeds to help Ukraine as it fights Russia’s invasion.
President Biden will send the new plan to Congress as part of his broader request for aid to help the Ukrainians fight Russia’s invasion.
The White House has not revealed legislative text but said the proposal “would improve” the federal government’s ability to send the purposed Russian oligarch assets to Ukraine. Under current law, the U.S. can typically only freeze — not seize or liquidate — the assets of sanctioned individuals.had raised concerned that prior congressional proposals to do so ran afoul of constitutional protections by allowing federal law enforcement to circumvent judicial procedure.
The White House said its plan was released in close coordination with the Treasury Department, State Department, and Commerce Department. Attorney General Merrick Garland previously told congressional lawmakers that he supports the efforts to repurpose seized Russian funds to Ukraine. But even some senior Biden administration officials had emphasized the need for caution around a potentially significant change in precedent to U.S. seizure law. Treasury Secretary Janet L.
“I would say that is very significant, and it is one that we would carefully need to think through the consequences of before undertaking it,” Yellen told reporters last week. “I wouldn’t want to do so lightly and it’s something that I think our coalition and partners would need to feel comfortable with and be supportive of.”The new powers sought by the White House reflect the pressure on the western allies to intensify its economic campaign against Russia over its ongoing war against Ukraine.
From the beginning of the invasion, the Biden administration has led an international financial attack on
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. lawmakers urge Biden to sell Russian yachts for Ukraine aidAt least a dozen yachts belonging to Russian oligarchs have been seized in several countries worldwide.
Read more »
Ukraine War has U.S. Javelin missile supply down 33%; Biden urged to act'Unless the president invokes the Defense Production Act ... we will run out of these key arms,' Senator Richard Blumenthal said.
Read more »
Biden to ask Congress to enhance Russia sanctions enforcement, pass Ukraine aidPresident Biden expected to ask Congress for additional Ukraine aid and for new Russia sanctions enforcement measures in remarks from the White House on Thursday morning.
Read more »
Biden to Ask Congress for New Ukraine Aid Package ThursdayAdministration officials described the amount of the request as “massive” but would not provide a specific dollar amount for the aid, which is intended to last through September.
Read more »