Russian oligarchs to be targeted in U.S. aid package for Ukraine, Schumer says
Reuters
Published May 01, 2022 11:59AM ET
Updated May 01, 2022 02:07PM ET
By Katharine Jackson
(Reuters) -U.S. Senate Democratic leader Chuck Schumer said on Sunday he would act on a Biden administration request to add provisions to a $33 billion Ukraine aid package to allow the United States to seize Russian oligarchs' assets and send money from their sale directly to Ukraine.
"Ukraine needs all the help it can get and, at the same time, we need all the assets we can put together to give Ukraine the aid it needs," Schumer said at a media briefing in New York City.
President Joe Biden asked Congress to approve $33 billion in assistance for Kyiv on Thursday in what would mark a dramatic escalation of U.S. funding for Ukraine more than two months after it was invaded by Russia.
His administration also asked lawmakers to include provisions to help it seize more assets, liquidate them and send Ukraine the money.
Schumer said the provisions being added would streamline the forfeiture process for oligarch-owned properties in the United States, while allowing for expedited reviews in federal court, as requested by the White House.
They would also make it a criminal offense to knowingly possess proceeds obtained from "corrupt dealings" with the Russian government, he said.
"It's time for sanctioned Russian oligarchs to be held accountable for the ill-gotten wealth that they have received," Schumer said.
The U.S. House of Representatives signaled its support for giving the administration more power to target oligarchs profiting from their association with Russian President Vladimir Putin when it approved non-binding legislation on Wednesday.
The $33 billion in funding for Ukraine, which lawmakers have said they want to approve quickly, would be used to provide Ukraine with weapons, ammunition and other military assistance, as well as direct economic and humanitarian aid.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.