The US took a step to transfer assets from Russia to Ukraine

What is known about the transfer of Russian assets to Ukraine / Collage 24 Channel (Photo by Shutterstock and Pixabay)

The US House of Representatives Committee has taken a step to transfer Russian assets to Ukraine. In particular, the majority of votes supported the draft law on this.

The Foreign Relations Committee of the US House of Representatives voted on the bill on November 8, 2023. We are talking about a bipartisan and bicameral bill to use frozen Russian assets to help Ukraine.

What we know about voting on asset transfers

Authorize the Secretary of State to provide additional assistance to Ukraine, as well as for other purposes, using assets confiscated from the Central Bank of Russia and other sovereign assets of Russia, the document says.

The bill would require the Secretary of State, in conjunction with the United States Agency for International Development, to provide the appropriate congressional committees with an assessment of Ukraine's most pressing reconstruction, security, and humanitarian assistance needs within 180 days of the bill's enactment, if enacted.

In addition, according to the draft law, confiscated funds:

• accumulated in a special fund to support Ukraine;
• if necessary, the right and income from confiscated Russian sovereign assets are transferred to the US government.

The document was submitted to the US Congress by Republican Congressman Michael McCaul.

It's time for Russia to pay for the war it started, the congressman said.

According to him, the draft law:

• demands that the Joe Biden administration transfer frozen Russian sovereign assets to Kyiv;
• makes it impossible to return Russian assets to the Kremlin until Russia pays compensation to Ukraine.

Democratic Congressman Gregory Meeks, co-chairman of the Foreign Relations Committee, said at the hearing that as the war progresses, economic strategy must evolve as well. This includes support for Ukraine, which will allow it to become a full-fledged economic player in Europe. According to him, this must be done during war.

Ukraine confiscates assets of Putin's friend

Ukraine has confiscated the assets of Putin's friend, Russian oligarch Mikhail Fridman. He had 10 assets in Ukraine. Their total value is more than 17 billion hryvnia.

Mikhail Fridman had assets in the mobile operators Kyivstar, lifecell, as well as in the Pacell and Ukrtauer companies. He also owned IC Alfa Insurance, Parity Finance, VimpelCom Global Services Ukraine and others.

Ukraine confiscated billions of dollars in assets from Friedman / Photo VKURSI