U.S. to use Russian oligarchs’ assets to provide aid to Ukraine

U.S. to use Russian oligarchs' assets to provide aid to Ukraine Source: Tomás Del Coro from Las Vegas, Nevada, USA

During a press conference, Senate Majority Leader Chuck Schumer said that a $33 billion (31.4 billion euros) Ukraine aid package will include provisions for the U.S. government to seize and sell Russian oligarchs’ assets.

Making the announcement on Sunday, May 1, Schumer said that the proceeds from the sale of asset seizures will go towards rebuilding Ukraine.

Schumer’s announcement follows a Biden administration proposal last week for the federal government to sell assets seized from Russian oligarchs. Biden believes that the proceeds should be used to provide military and humanitarian aid to Ukraine.

Governments and experts across the world believe that the key to the withdrawal of Russian troops is the damage the war is doing to those oligarchs close to Russian President Vladimir Putin. Financially squeezing these individuals, they believe, will force them to put pressure on Putin to bring a halt to the invasion.

Schumer said: “It’s time for sanctioned Russian oligarchs to be held accountable for the ill-gotten wealth that they have received,” adding that: “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.”

He continued saying that: “These oligarchs, loyal to Putin, are extremely wealthy and bought these types of assets, which are here in the United States.

“This is the kind of stuff we’re talking about: yachts, mansions.

“You may ask, ‘Are any of these assets in New York?’ Obviously, a whole bunch are.”

Oligarch and Russian politician’s assets have been seized across the world, with more than a dozen luxury yachts impounded, properties seized and banks blocked.

Using the Russian oligarchs’ assets to provide aid to Ukraine is a new development that will face challenges in the courts, as it will attract the disapproval of the Russian government.

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Peter McLaren-Kennedy

Originally from South Africa, Peter is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]