White House proposes plan to sell Russian yachts to help Ukraine 2022-04-28 07:01:34


The White House unveiled a proposed legislative package Thursday that would allow the federal government to sell assets confiscated from the Russian oligarchs over the Kremlin’s invasion of Ukraine and use the proceeds for military and humanitarian aid to Ukraine.

why does it matter: The United States has already confiscated millions of dollars in assets from wealthy Russians who have close ties to President Vladimir Putin. She and other governments hope that the financial Put pressure on these people It will translate into political pressure on Putin, which could lead to a diminishing of his power.

  • The proposal comes after the House of Representatives They voted by an overwhelming majority On Wednesday to urge the Biden administration to liquidate the confiscated assets to help Ukraine.
  • It includes provisions that will simplify the process of seizing the assets of the oligarchs, expand the assets subject to confiscation and close down some of the loopholes for evading sanctions.

After the Russian invasion of Ukraine, United State Several other countries raised new sanctions against the Russian oligarchy and the entities that directly support the Kremlin’s war.

  • Not all wealthy Russians have deep ties to Putin, despite having an enormous amount of wealth – and Illicit wealth flowing out of Russia – It is concentrated in the hands of high-ranking officials or those who hold certain commercial positions by the Kremlin, such as Executive roles In one of the country’s state-owned energy companies.

In numbers: More than a dozen yachts, worth about $2.5 billion, are owned by Russian oligarchs Captured in many countries around the world Since the start of the armed conflict, more capture is expected.

  • Millions of dollars And Other assets Sanctions have also been imposed by the United States and other governments.
  • The White House said Thursday that European Union member states have reported more than $30 billion in asset freezes, including nearly $7 billion in boats, helicopters, real estate and artwork.

The Big Picture: They are now studying what to do with the confiscated Russian assets, and other countries are also proposing to use the liquidated assets to help Ukrainian refugees or for rebuilding the country.

What’s Next: The request now heads to Congress. It has yet to pass through the House of Representatives, where Wednesday’s vote was largely symbolic.

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