New bill would transfer seized Russian oligarch assets to Ukraine humanitarian and reconstruction efforts
WASHINGTON, D.C. – U.S. Representatives Peter Meijer (R-MI), Seth Moulton (D-MA), Mike Gallagher (R-WI), and Jake Auchincloss (D-MA) today introduced the Yachts for Ukraine Act, a bipartisan bill that would allow seized Russian assets to be repurposed for rebuilding efforts in Ukraine.
As Russia’s wealthiest individuals attempt to wait out temporary seizure of their yachts and mansions, this legislation would ensure that the assets seized under the current U.S. sanctions would be permanently reallocated to humanitarian assistance and reconstruction in Ukraine. The value of Russian yachts alone amounts to billions of dollars.
“The United States must no longer turn a blind eye towards Russian oligarchs and any assets they have hidden in our country,” said Rep. Meijer. “I am proud to join this legislative effort to send yet another clear message that we intend to hold Vladimir Putin and his cronies accountable for their illegal invasion of Ukraine, and we will use every economic sanction available to economically isolate anyone who is complicit in Putin’s terror around the world.”
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