Legislation to Repurpose Russian Foreign Assets for Ukraine Advances Through Committee with Shaheen Provisions to Bolster Transparency
(Washington, DC) – US. Senator Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Foreign Relations Committee (SFRC) and Chair of the Subcommittee on Europe and Regional Security Cooperation, today voted in committee to advance the Rebuilding Economic Prosperity and Opportunity (REPO) Act, which would provide additional assistance to Ukraine through assets confiscated from the Central Bank of the Russian Federation and other sovereign assets of the Russian Federation. Senator Shaheen successfully secured three amendments to the legislation that would bolster transparency for Russian sovereign assets held in the United States and abroad and ensure that any funds will not supplant our existing lines of support for Ukraine.
“I was pleased to join my colleagues from both sides of the aisle to advance this important piece of legislation—which includes three of my provisions to bolster transparency and oversight—that would provide a mechanism for the President to repurpose seized Russian sovereign assets to fund Ukraine’s economic recovery,” said Shaheen. “Russia’s unprovoked invasion of Ukraine has prompted an unprecedented response from the West, and this legislation, which is an unprecedented but important effort, will remind our adversaries that any flagrant disregard for democratic norms will bear consequences. I am proud to join as a cosponsor and I hope we can get this bill to the Senate floor quickly for a vote.”
The REPO Act, introduced by U.S. Senators Sheldon Whitehouse (D-RI) and Jim Risch (R-ID), would establish authorities for the United States to confiscate and repurpose Russian sovereign assets to rebuild Ukraine. During today’s committee business meeting, Senator Shaheen successfully secured three amendments to the REPO Act. The first amendment includes findings regarding the amounts of frozen Russian sovereign assets held in the United States and Europe, respectively. The second amendment would ensure that funds derived from seized assets would supplement existing bilateral funding for Ukraine to support Ukraine’s recovery. The third amendment requires report language from the Department of Treasury to better understand the amounts, income and locations of frozen Russian sovereign assets in the United States and around the world.