U.S. House passes legislation to seize Russian assets to help rebuild Ukraine

“A bipartisan majority of the U.S. House of Representatives today voted to pass the Asset Seizure for Ukraine Reconstruction Act legislation,” the statement reads.

It would encourage the seizure and sale of Russian oligarchs’ assets “to support Ukraine’s continued fight for freedom.”

The legislation would push the President to declare an emergency upon finding that Russia is engaged in hostilities against Ukraine — unlocking the federal government’s authority to confiscate funds or property worth over $5 million from sanctioned Russians or foreigners linked to the Russian government.

The funds gained from this seizure and sale of oligarch assets would go toward post-conflict reconstruction in Ukraine, humanitarian assistance, military aid, refugee resettlement, or technology to ensure the free flow of information to the Ukrainian people.