Biden will set in motion the initiative to seize the assets of Russian business in favor of Ukraine

US President Joe Biden will send proposals to Congress today, April 28, allowing the seizure of property associated with Russian businessmen and the use of the proceeds to support Ukraine. This is stated in a widespread written statement from the White House.

The document stated that “this package of proposals will create new powers to confiscate property” associated with Russian businessmen and “allow the government to use the funds received to support Ukraine and further strengthen the relevant law enforcement mechanisms.”
As emphasized in the White House, this “proposal is aimed at simplifying the process of seizing the assets of oligarchs, expanding the scope of assets subject to seizure, and also allowing income to flow to Ukraine.” The document clarifies that we are talking about “a new, simplified administrative process involving the Treasury and Justice Departments to confiscate property in the United States belonging to Russian oligarchs under sanctions and associated with certain illegal actions.” In addition, the president simultaneously sends a request to Congress for additional military assistance to Kyiv.

In addition, according to Biden’s initiative, it will become a criminal offense to own income received from “corrupt deals with the Russian government.” The president’s proposals would allow the seizure of property used by Russian businessmen to circumvent sanctions, something that US law has so far not allowed.

The White House also said that Biden’s proposals are aimed at expanding the ability to work with US foreign partners to seize assets associated with corruption.

Recall that after the start of Russia’s special military operation to demilitarize and denazify Ukraine on February 24, the collective West, led by the United States and with the active participation of the European Union, Great Britain, Australia and Canada, brought down unprecedented sanctions on Moscow, including disconnecting part of Russian banks from the international system of committing SWIFT payments. The EU has already agreed on five packages of “crippling” restrictive measures against Russia, the sixth is on its way and involves the introduction of an oil embargo.