The administration of US President Joe Biden has supported a bill that would allow the confiscation of about $300 billion from frozen Russian assets and use the funds to rebuild Ukraine. Bloomberg writes about it, UNN reports .
Details
A memorandum from the National Security Council of the Senate Foreign Relations Committee (NSC) states that the bill would give the executive branch the authority necessary to confiscate Russian sovereign assets in favor of Ukraine.
It is noted that the White House wants to coordinate this step with the G7 allies, particularly in Europe, where about $200 billion of Russia's frozen assets are stored.
Together with our G-7 partners, we are exploring all options consistent with our respective legal systems and international law to help Ukraine obtain compensation from Russia
The authors of the "Restoring Economic Prosperity and Opportunity for Americans Act" are Congressmen Jim Risch and Sheldon Whitehouse.
Democrats and Republicans on the committee disagree on two key parts of the bill. The proposed law requires Biden to coordinate with the G-7 to seize assets, but does not require their approval, which could allow the United States to take action unilaterally.
It also contains language aimed at preventing Russia from challenging the confiscation in U.S. courts, which could be potentially vulnerable to constitutional challenges.
The White House was initially ambivalent about the requirement to coordinate with the G-7, but later emphasized the need to act together with allies.
