The US State Department plans to confiscate Russian assets to help Ukraine

The US State Department announced its intention to use the newly adopted law to confiscate Russian assets in the US in order to support Ukraine. US Secretary of State Anthony Blinken made a corresponding statement.

Anthony Blinken noted that Russia should be responsible for repairing the destruction caused by Putin's actions. "Congress has given us the authority to seize Russian assets in the US, and we plan to use it. We are working with our G7 partners to ensure that Russia's frozen sovereign assets are used to reverse the damage that Putin is doing to Ukraine," he stressed.

The initiative is also backed by US Treasury Secretary Janet Yellen, who next week will urge G7 finance officials to agree on a plan to use proceeds from frozen Russian assets to provide emergency aid to Ukraine.

It will be recalled that the US Congress adopted the draft law "The Act on Peace through Strength in the 21st Century". It allows the confiscation of Russian assets for the needs of Ukraine and expands sanctions against Moscow. In particular, the law gives the US president the authority to confiscate Russia's sovereign assets and transfer the corresponding funds to special funds, such as the Compensation Fund and the Ukraine Support Fund.

The US President can also agree on the algorithm for the transfer of confiscated assets to Ukraine with the Group of Seven states, the EU, Australia and other partners. This will ensure international coordination and efficiency in the use of confiscated funds.

As the ambassador of Ukraine to the USA, Oksana Markarova, explained, the confiscation will concern individuals and legal entities against whom EU and Great Britain sanctions have been imposed. It will also affect individuals who fall under the criteria for US sanctions under the 2016 Magnitsky Global Accountability for Human Rights Act and US Presidential Executive Orders No. 14024, No. 14068, and No. 14071, which are related to Russian aggression.

Thus, the US is taking decisive steps to provide financial support to Ukraine in the face of aggression from Russia, which is an important step in the international effort to restore peace and stability in the region.