Senate Committee Advances Bill To Authorise Transfer Of Russian Assets

The Senate Foreign Relations Committee has advanced legislation (the REPO Act) which would authorize the president of the United States to seize frozen Russian sovereign assets and transfer them for the reconstruction of Ukraine. See earlier bulletfor background.

• The bill's co-sponsor, Senator James Risch (R-ID), said after the committee meeting: “Leadership’s committed to move this as quickly as it can. It very well could be a caboose on a bill that goes through here quickly."
• The Hill notes: "If signed into law, the legislation would mark the first time the U.S. has seized foreign assets of a country it is not at war with."
• Committee chair Senator Ben Cardin (D-MD) told reporters that the Biden administration is supportive of the bill, suggesting it could provide additional fungible funds for Ukraine as supplemental funding continues to languish in Congress.
• A White House official told the Hill: “Generally speaking, we are supportive of having domestic legislative authorities that will give us flexibility... We are also engaged in active conversations with our allies and partners, including the G7, to ensure we are all coordinated in making Russia pay.”
• Cardin conceded that the legislation is likely to face legal challenges but says an amendment he attached to the bill which necessitates approval from the G7, and additional Western countries holding Russian assets, would, "get those issues resolved early in the process and therefore can move forward with this tool. And it also gives our partners around the world confidence that we’re on a sound legal basis when we move forward.”