The US administration has been pursuing a controversial plan to transfer frozen Russian assets to Ukraine for reconstruction, and has been aggressively lobbying G7 countries to jump on board, also given most of the $300 billion in Russian assets are held in Europe - particularly France, Germany, and Belgium.
A summary of the REPO Act - H.R.4175 - on the Congressional website, reads: "This bill requires or authorizes various actions related to the confiscation and disposition of Russian sovereign assets." Image: EPA/Shutterstock "Under the bill, the President must require U.S. financial institutions to notify the Department of the Treasury of any Russian sovereign assets located at such institutions. The President may confiscate any such assets subject to U.S. jurisdiction," it continues.
The Ukraine Support Fund may also support an international body or mechanism for reconstruction and rebuilding efforts in Ukraine, humanitarian assistance to the Ukrainian people, or other purposes which support the recovery of Ukraine and the welfare of the Ukrainian people.
"The bill also directs the President to seek to establish, with foreign partners, an international mechanism to provide compensation to Ukraine using the Ukraine Support Fund and Russian sovereign assets confiscated by foreign partners," the legislation summary says.
"If such measures are implemented, of course, many investors will think ten times before making any investments in the American economy or storing their assets there," Peskov added, noting there's still a long, complex road ahead if Washington ultimately seeks to pull the trigger on stealing Russia's assets.
Below: an interesting take from Sen. J.D. Vance... Starting in February, US Treasury Secretary Janet Yellen began getting more vocal on the "Moral case" for using Russian assets to aid Ukraine, telling allies they must find a way to "Unlock the value" of the hundreds of billions in immobilized Russian assets, also with an eye towards Ukraine's post-war reconstruction.
Previously some Ukrainian officials floated the idea of "Reparation bonds" backed by future claims for war damages against Moscow, and utilizing frozen Russian assets.
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