The Biden administration reportedly supports legislation that would allow it to seize up to $300 billion in frozen Russian assets and use it to help rebuild Ukraine.
A memo from the National Security Council to the Senate Foreign Relations committee said the administration welcomes "in principle" a bill that would allow it to confiscate the funds, Bloomberg reported Wednesday.
"The bill would provide the authority needed for the Executive branch to seize Russian sovereign assets for the benefit of Ukraine," the memo stated, one of three such communications seen by Bloomberg.
The Rebuilding Economic Prosperity and Opportunity for Ukrainians Act was reintroduced in June by Sen. James Risch, R-Idaho, ranking member of the Senate Foreign Relations Committee; Sen. Sheldon Whitehouse, D-R.I.; and Rep. Michael McCaul, R-Texas, chair of the House Foreign Affairs Committee. The bill has bipartisan support in both chambers, with 12 co-sponsors in the Senate version and 61 in the House version. In November, it cleared the House Foreign Affairs Committee by a 40-2 vote.
The Biden administration reportedly was reluctant to back the legislation because it is wary of seizing assets from another sovereign nation, especially given that only about 2% of the assets are held in the U.S. The Washington Post reported in December there is resistance in Europe about whether the move is justifiable under international law and whether it might undermine confidence in the euro.
But the Biden administration's position began to shift as it became clear Republicans were hesitant to approve more taxpayer funds for Ukraine, Bloomberg reported, citing a person familiar with the situation.
The National Security Council declined to comment, Bloomberg reported, as did the office of Sen. Ben Cardin, D-Md., chairman of the Senate Foreign Relations Committee.
"Alongside our G-7 partners, we are exploring all options consistent with our respective legal systems and international law to aid Ukraine in obtaining compensation from Russia," the State Department said in a statement to Bloomberg.
The subject is expected to come up when leaders of the Group of Seven major industrialized nations meet Feb. 24, the second anniversary of when Russia invaded Ukraine.
Michael Katz ✉
Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.
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