The White House has proposed giving the government more powers to seize and sell the assets of Russian oligarchs and transfer their proceeds to Ukraine.
The proposed law, released Thursday morning, will be submitted to Congress for consideration.
The measures would make it easier for the US to seize and sell the oligarchs’ assets and use the funds “to repair damage caused by Russian aggression.”
A similar law was recently passed in the US House of Representatives.
Western allies, including European Union member states, have been working together since March to track down the assets of Russian elites, from artworks and real estate to helicopters and yachts.
According to the White House, the US has now sanctioned and blocked ships and planes worth over $1 billion, while the EU has frozen over $30 billion in total.
But the government’s new plans go further and call for streamlined interagency cooperation between the Treasury Department, the Justice Department, the State Department and the Commerce Department.
President Biden is scheduled to present the details on Thursday morning in the United States.
The package will “establish new agencies for forfeiture of property related to Russia’s kleptocracy, allow the government to use the proceeds to support Ukraine, and further strengthen related law enforcement tools,” the White House said in a statement.
It comes with a request for Congress to authorize more military, economic and humanitarian aid to Ukraine.
Last week, President Biden approved a second $800 million (£642 million) military aid package in as many weeks, as well as $500 million (£401 million) in direct economic aid.
Since the war began in late February, the US has acted swiftly to help Ukraine. This includes:
- Provided a total of $3.7 billion in military and security assistance
- Deployed more than 100,000 troops to NATO member countries in Europe
- Imposed economic sanctions, asset freezes and travel bans on hundreds of Russian oligarchs and politicians
- Imposing sanctions on Russian banks and defense contractors
- Blocking major Russian banks from Swift messaging system
- Ban on Russian oil imports
- Ban on the use of domestic airspace by Russian aircraft
On Tuesday, US Secretary of Defense Lloyd Austin rallied nearly 40 nations to Germany and announced several would step up their support for Ukraine to “advance at wartime speed.”
“Ukraine needs our help to win today. And she will still need our help when the war is over,” he told the participants.
The Canadian government also proposed legislation this week that would allow it to seize and sell Russian assets.
Under pressure to widen their sanctions, the ruling Liberals are pushing for “all types of property” to be confiscated, including money, digital assets and virtual currencies.
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