Bipartisan Senate bill aims to give Russian assets to Ukraine
Mega-yachts, luxury real estate, these assets have been seized from Russian Oligarchs as punishment for the war in Ukraine. Now, the Senate is working on a bipartisan bill to allow proceeds from sanctioned assets to fund Ukraine’s reconstruction.
Sen. Chuck Grassley – R-IA says: “This illegal amount of money is marked by corruption and stained with blood. In this way, these Russian criminals are no different than ruthless violent drug trafficking cartels or otherwise sophisticated cash rich criminals.”
Senators say the legal system has too many constraints. For instance, forfeiture is limited to assets valued at $500,000 dollars or less, and the Justice Department is limited in its ability to transfer money to war crimes victims.
The Russian Elites, Proxies, and Oligarchs Task Force also known as REPO has so far blocked or frozen more than $30 billion in sanctioned Russian assets.
The Prime Minister of Ukraine says the country has incurred $100 billion in infrastructure losses, and a full fledged recovery will cost $750 billion. Straight from DC, I’m Ray Bogan.