The US House of Representatives supports the bill on the confiscation of Russian assets

On April 20, the House of Representatives voted (with 360 votes) in favor of the Rebuilding Economic Prosperity and Opportunity for Ukrainians (REPO) Act (hereinafter referred to as the REPO Act).

This was reported by NBC News. 

The document proposes to give the U.S. president the authority to confiscate sovereign assets of Russia, which directly or indirectly belong to the government of Russia, the central bank, and the Russian direct investment fund. Funds from confiscated Russian assets will go to a special fund to support Ukraine, which will be administered by the U.S. Secretary of State.  

The bill also provides for a clear, targeted use of such funds, in particular for reconstruction and humanitarian assistance to the people of Ukraine. There is no mention of military assistance in this document at this time. 

Now, the REPO Act is to be supported by the Senate and signed by President Biden. 

The European Union is also preparing an update to confiscation legislation. Find out what exactly it plans to change at the link.

This publication was prepared by Transparency International Ukraine with the financial support of Sweden.