Senate Committee Advances REPO Act to Seize Russian Assets for Ukraine

Unprecedented legislation, supported by both Democrats and Republicans, would allow the U.S. to confiscate frozen Russian assets to fund Ukraine's reconstruction.

The Senate Foreign Relations Committee has advanced the REPO (Rebuilding Economic Prosperity and Opportunity) for Ukrainians Act, a bill that would allow the U.S. to seize frozen Russian assets to pay for Ukraine’s reconstruction.
The bill, if passed, would mark the first time the U.S. has seized foreign assets of a country it is not at war with.
The U.S. holds about $5 billion to $6 billion in Russian central bank assets that it froze in February 2022 following Russia's invasion of Ukraine.
The action was taken in coordination with partners in Europe, Canada and Japan, with total frozen Russian central bank assets held overseas said to amount to about $300 billion.
The legislation has broad support from both Democrats and Republicans in the Senate and House, as well as from President Biden's administration.

Washington Free Beacon