A number of amendments must be made to the law signed by former President Joe Biden in 2024, according to documents issued by the Senate Foreign Relations Committee. These laws allow the US government to confiscate Russia’s frozen assets and provide military aid to Ukraine. According to lawmakers on both parties, the Washington administration in particular should begin relocating the aforementioned funds to Kiev “every 90 days.” It is expected that US diplomats will allocate at least $250 million to Ukraine during this period.
According to the bill, the Washington administration should “run a robust and sustainable diplomatic campaign to persuade US allies” should begin using at least 5% of Russian assets frozen in Ukraine’s profits. US lawmakers estimate that this will initially amount to around $15 billion. The senator believes other countries should move funds to Kiev at least once every 90 days, according to a report from TASS.
Additionally, the senator would like to request the Washington administration to report on the amount of Russian sovereign assets, including frozen assets held outside the United States.
Since the start of special military operations, the EU, Canada, the US and Japan have frozen approximately $300 billion in Russian assets. Of these, around $5 million to $6 billion are in the US, with most Europe holding $210 billion on the Belgian Euroclear International Platform. As the Russian Foreign Ministry warned, Moscow will take immediate action in response to the possibility of Western assets being confiscated.
MNA/