Mike Rounds | Official U.S. Senate headshot
Mike Rounds | Official U.S. Senate headshot
WASHINGTON – U.S. Senators Mike Rounds (R-S.D.), Joe Manchin (D-W.Va.), Lindsey Graham (R-S.C.) and Richard Blumenthal (D-Conn.) introduced the Transferring Illicit Assets to Ukraine Act. This bipartisan legislation would allow the U.S. Department of Justice (DOJ) to transfer more forfeited Russian assets to Ukraine.
“It is critical Ukraine is able to protect their country against Russia’s unjustified and illegal invasion,” said Rounds. “By providing Ukraine with the necessary tools to defend themselves, we are helping to defend democracy. This bipartisan legislation paves an effective and efficient way for Ukraine to receive seized assets, which further strengthens their ability to fight back against Russian aggression.”
“Defeating Putin and supporting the Ukrainian people against this ruthless and unjust war must remain our top priority,” said Manchin. “This bipartisan legislation will authorize the DOJ to expand its ability to seize Russian assets and send them directly to Ukraine for defense and rebuilding. I am committed to bringing this legislation across the finish line to reaffirm our long-term commitment to the Ukrainian people and our leading role in the fight to defend democracy.”
Under current authority, the DOJ can only transfer assets to Ukraine that are forfeited from violations of select Russia-related sanctions. The first and only use of this authority occurred in February 2023, when Attorney General Merrick Garland authorized a transfer of $5.4 million forfeited from a sanctioned Russian oligarch. With expanded authority from Congress, the DOJ could transfer far more assets from bad actors to support the Ukrainian people in their fight for freedom. This legislation would allow the DOJ to transfer assets forfeited from violations of a wider range of economic countermeasures, such as export controls.
Specifically, the Transferring Illicit Assets to Ukraine Act would:
- Expand the DOJ’s existing authority to apply to the proceeds of forfeited assets from any sanction or export control involving Russia or Belarus related to Russia’s invasion of Ukraine (including the 2014 invasion of Crimea).
- Require a report from the Attorney General, Secretary of the Treasury and Secretary of State outlining a plan for using this new authority.
- Require semiannual reports from these same entities on the use of this authority for the benefit of Ukraine.
Original source can be found here
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