US considers bill to utilize frozen Russian assets for Ukraine aid

The US Congress will present a bipartisan bill to President Joe Biden for his consideration regarding the use of frozen assets from the Russian Federation to aid Ukraine.

Politico reports this.

As noted, this bill was approved by the House of Representatives and the US Senate committees. It will allow the confiscation of 5 to 8 billion dollars of Russian assets, which will be directed to the reconstruction of Ukraine.

The publication notes that discussions on this draft law will begin when Congress develops a new draft law on aid to Ukraine.

Politico writes that such a document contains "several nuances that still need to be resolved." Thus, some American lawmakers are concerned that the law on the use of frozen assets of the Russian Federation to support Ukraine may be seen as a substitute for more significant aid to Kyiv.

As the publication writes, the idea of using frozen Russian assets also encountered resistance in Europe. Despite this, EU leaders are "moving forward" by confiscating profits from frozen assets of the Russian Federation instead of confiscating them completely.

Treasury Department official French Hill says it's worth expanding the range of potential seized funds and how they're used. In particular, he wants the bill to cover Russian assets and state-owned enterprises, reports Politico.

"It's not a civil war. It's an invasion by a P5 member of the United Nations, violating every international law that we know. And therefore, when there is a peace settlement, Russia owes to that sovereign neighbor some form of reparation. This is an excellent way to establish a fund for reconstruction of Ukraine following peace," Hill noted.

The Biden administration was sympathetic to such an idea. Currently, there are negotiations with allies, including the members of the "Big Seven," to ensure that "everyone is coordinated to make Russia pay," reports the publication.

It is worth mentioning that President Joe Biden's administration addressed the statement made by House Speaker Mike Johnson regarding the Ukrainian aid package, which would potentially include "meaningful changes," such as the potential provision of loan assistance.

For reference:

Since the fall of 2023,the US Congress has not been able to agree on President Joe Biden's request to allocate new funds to finance aid to Ukraine.

However, on February 13, the US Senate approved a $95 billion aid bill for Ukraine, Israel, and Taiwan. In particular, more than 60 billion dollars have been earmarked for Ukraine.

Recently, in an interview with The Washington Post, Zelensky said that without American help, Ukraine would have to retreat at the front. Before that, the Ukrainian president had a telephone conversation with the speaker of the House of Representatives.

Part of the Republican Party of the USA and the Speaker of the House of Representatives, Mike Johnson, began to develop their own version of the aid package for Ukraine.

On March 28, the President of Ukraine, Volodymyr Zelensky, had a telephone conversation with the Speaker of the House of Representatives, Mike Johnson.

The head of state told him about the problematic situation on the battlefield and the swift escalation of Russian aerial attacks. Given these circumstances, Congress's urgent approval of aid to Ukraine is crucial.

In the budget request of the President of the United States of America, Joe Biden, for the 2025 fiscal year, 1.5 billion dollars were provided to counter the aggression of the Kremlin, of which 482 million dollars are for Ukraine.