The US is now allowed to seize Russian state assets. How would that work?
WASHINGTON (AP) — The big U.S. aid package for Ukraine and other allies that President Joe Biden signed Wednesday also allows the administration to seize Russian state assets located in the U.S. and use them for the benefit of Kyiv.
That could mean another $5 billion in assistance for Ukraine, coming from Russian Central Bank holdings that have already been frozen in the United States. The seizures would be carried out under provisions of the REPO Act, short for the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act, that were incorporated into the aid bill.
But it’s not likely the U.S. will seize the assets without agreement from other members of the Group of Seven nations and the European Union.
WHAT IS THE DIFFERENCE BETWEEN FREEZING AND SEIZING?
The U.S. and its allies immediately froze $300 billion in Russian foreign holdings at the start of Moscow’s invasion of Ukraine. That money has been sitting untapped — most of it in European Union nations — as the war grinds on. But roughly $5 billion of it is located in the U.S.
Related articles
'The Apprentice,' about a young Donald Trump, premieres in Cannes
CANNES, France (AP) — While Donald Trump’s hush money trial entered its sixth week in New York, an o2024-05-21Jets draft Qwan'tez Stiggers, CFL's top rookie who didn't play in college
FLORHAM PARK, N.J. (AP) — Qwan’tez Stiggers thought his NFL dream ended nearly four years ago.After2024-05-21Lightning D Sergachev is surprise addition to roster for must
TAMPA, Fla. (AP) — Tampa Bay defenseman Mikhail Sergachev was a surprise addition to the lineup for2024-05-21Yellowstone star Ian Bohen says show will have 'best series finale in history'
Fans of the wildly popular Western epic series Yellowstone have been eagerly waiting for the second2024-05-21Kosovo prepares a new draft law on renting prison cells to Denmark after the first proposal failed
PRISTINA, Kosovo (AP) — Kosovo’s Cabinet renewed efforts with a new draft law on renting a prison in2024-05-21Nadal gets even with De Minaur at Madrid Open. Top seeds Sinner and Swiatek advance
MADRID (AP) — Rafael Nadal tore his headband off, thrust his arms in the air, and soaked up the chee2024-05-21
atest comment