04/25/2024

The U.S. is now Allowed to Seize Russian State Assets

This could mean another $5 billion in assistance for Ukraine

The big U.S. aid package for Ukraine and other allies that President Joe Biden signed Wednesday also allows the administration to seize Russian state assets located in the U.S. and use them for the benefit of Kyiv.

That could mean another $5 billion in assistance for Ukraine, coming from Russian Central Bank holdings that have already been frozen in the United States. The seizures would be carried out under provisions of the REPO Act, short for the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act, that were incorporated into the aid bill.

But it is not likely the U.S. will seize the assets without agreement from other members of the Group of Seven nations and the European Union.

Please select this link to read the complete article from The Associated Press.