April 28, 2022

Rep. Casten Votes to Establish Process for Confiscating Russian Oligarchs’ Assets, Funding Ukraine Reconstruction

Washington, D.C. – Yesterday, Rep. Casten voted to establish a constitutional process for seizing the assets of corrupt Russian oligarchs to support the post-war reconstruction of Ukraine. The Asset Seizure for Ukraine Reconstruction Act directs the federal government to take steps toward raising funds for Ukraine through the confiscation of high-value property – including yachts, jets and luxury homes – from Russian oligarchs sanctioned by the United States for their ties to Putin's regime.

"I proudly voted to impose further punishments on those facilitating Russia's aggression and to support the courageous people of Ukraine," said Rep. Casten. "By seizing and selling off Russian oligarchs' yachts, jets and mansions, America can transform the corrupt wealth funding Putin's atrocities into the resources that Ukraine will need to rebuild. As the valiant Ukrainian people continue to fend off the Russian invasion, the Democratic Congress will continue working alongside President Biden and our allies to further drain Putin's war chest and hold Russia to account."

The Asset Seizure for Ukraine Reconstruction Act will establish a federal inter-agency working group to identify mechanisms for seizing sanctioned Russian oligarchs' property valued over $2 million. The sale of these assets will be used to fund relief for the people of Ukraine, including:

  • Post-conflict reconstruction
  • Military, humanitarian and economic assistance
  • Refugee support and resettlement
  • Technology ensuring the free flow of information in Ukraine

Yesterday's vote follows several key steps taken by the Democratic Congress to isolate Russia from the global economy, including the suspension of permanent normal trade relations and a ban on the import of Russian oil and energy products into the United States. The Congress also voted to reauthorize the Global Magnitsky Human Rights Accountability Act, and the House has advanced the Ukraine War Crimes Act to ensure that perpetrators of war crimes against Ukraine can be brought to justice. Additionally, this year's government funding legislation secured $13.6 billion in humanitarian, military and economic assistance for the people of Ukraine, adding to the more than $1.4 billion in assistance that the United States has provided to Ukraine since 2021.

Later this week, the House will vote on the Ukraine Democracy Defense Lend-Lease Act, legislation expediting the delivery of critical military equipment to Ukraine. And upon receiving President Biden's forthcoming budget request, the Congress will advance a supplemental budget package to deliver additional assistance to the Ukrainian people.

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