WASHINGTON–Republican and Democratic lawmakers have proposed legislation that would allow the U.S. government to seize Russian oligarchs’ yachts, artwork and other assets, and direct funds from their sale toward humanitarian or military aid in Ukraine.
The bill will be introduced in the Senate by Sens. Sheldon Whitehouse (D., R.I.), Lindsey Graham (R., S.C.), Richard Blumenthal (D., Conn.), and Roger Wicker (R., Miss.). The House version of the bill is sponsored by Rep. Tom Malinowski (D., N.J.) and Rep. Joe Wilson (R. S.C.).
The U.S., the European Union, the U.K., Australia and others have been scrutinizing the assets of a handful of rich and powerful Russians since the invasion of Ukraine. Western governments say these oligarchs have profited from close ties to Russian President Vladimir Putin.
“Putin and his oligarchs stow their dirty money in rule-of-law nations by purchasing mansions, mega-yachts, artwork, and other high-value assets. We ought to seize those ill-gotten luxuries and put them to use helping the Ukrainian people,” said Mr. Whitehouse in a statement Tuesday. “That would be a measure of justice for a nation besieged by a corrupt dictator.”
The Asset Seizure for Ukraine Reconstruction Act would allow the president to declare an emergency based on Russia’s invasion of Ukraine, and enable the federal government to confiscate funds or property worth over $2 million from sanctioned Russians or foreigners tied to the Russian government. The bill also would provide cash rewards for people or nonprofits who help identify assets for seizure.
Funds from the assets’ sale would be used to finance humanitarian aid, refugee resettlement and military assistance, as well as the reconstruction in Ukraine after the war.