The US President Joe Biden is set to ask for the approval of a package of laws that will help the administration use the confiscated assets of Russia oligarchs to provide assistance to Ukraine.
On Thursday President Biden said at the White House, the billions that they hold in confiscated Russian assets from those who are accountable for the Ukraine situation could lose the lot.
He said in a statement, “will send a proposal for a comprehensive legislative package that will enhance the United States government’s authority to hold the Russian government and Russian oligarchs accountable.”
Biden’s proposals involve the use of confiscated assets of sanctioned individuals to fund aid to Ukraine.
The White House said the Department of State, the Department of Justice and the Department of the Treasury will jointly decide on the use of forfeited funds which are “related to corruption, sanctions and export control violations, and other specified offenses.”
In addition, Biden’s proposals will also allow the US to create “a new, streamlined administrative process involving the Departments of the Treasury and Justice, for the forfeiture of property in the United States that is owned by sanctioned Russian oligarchs.”