President Biden is seeking the power to send the assets of Russian billionaires that have been seized by the US to Ukraine.
The White House said that Biden has asked Congress to craft legislation that would “streamline the process for seizure of oligarch assets, expand the assets subject to seizure, and enable the proceeds to flow to Ukraine.”
Biden also wants the legislation to make it a criminal offense to “knowingly or intentionally possess proceeds directly obtained from corrupt dealings with the Russian government.” The legislation is also meant to target sanctions evasion.
Back in March, the US Justice and Treasury Departments launched a task force with US allies to seize the assets of Russian billionaires across the globe. According to the White House, the EU task force members have seized over $30 billion in assets.
On Wednesday night, Congress voted on the Asset Seizure for Ukraine Reconstruction Act, a bill that calls for Biden to use seized private Russian funds for Ukraine. It’s not clear if this version of the bill is comprehensive enough for Biden, but it received massive bipartisan support, passing in a vote of 417-8.
The lawmakers that voted against the bill are Reps. Thomas Massie (R-KY), Marjorie Taylor Greene (R-GA), Chip Roy (R-TX), Madison Cawthorn (R-NC), Cori Bush (D-MO), Alexandria Ocasio-Cortez (D-NY), Ilhan Omar (D-MN), and Rashida Tlaib (D-MI).
In comments to Newsweek, a spokesperson for Ocasio-Cortez said the legislation risks violating the Fourth Amendment. “This vote asked President Biden to violate the Fourth Amendment, seize private property and determine where it would go — all without due process,” the spokesperson said.
“This sets a risky new precedent in the event of future presidents who may seek to abuse that expansion of power, especially with so many of our communities already fighting civil asset forfeiture,” the spokesperson added.
19 thoughts on “Biden Seeks Power to Give Russian Billionaires’ Seized Assets to Ukraine”
How about seizing the foreign bank accounts of Ukrainian oligarchs and give the money back to the country.
Starting with Zelinsky’s #1.2 billion parked overseas, or, his $35 million mansion in South Florida.
Dishonest wealth will dwindle, but what is earned through hard work will be multiplied.
Are you kidding? How will Ukraine “get” those assets? By other crooked wealth getting these stolen assets for pennies on the dollar. And worse — there are assets that some covet more than others. There will be crooked games or bribes hallwning so one or the other crooked billionnajre will get their hands in what they want.
Who decided that somebody’s assets are “crooked”? Is there a law they violated? Why not go through courts? Because than every wealth can be subject to scrutiny. If the origins of capital is questioned, there is no more capitalism.
And how does Biden intend to “expand” classes of assets subject to seizure? The “oligarchs” will not be allowed to remove theit personal property out of the house? Furniture, art, musical instruments? Toys?
It is shocking that only the perceived left and right extremes are defending the rule of law?
And exactly who in Ukraine will get the proceeds? I know one thing forr sure — not those faces of worn thorn Ukraine every day plastered on CNN. There are plenty of greedy palms to be greased. In Ukraine, and those are hoping for peanuts to trickle down to them.
There are plenty of charities that may have to close as the crooked money is no longer there to support them.
When I saw a Ukrainian utuber claim they will be given the seized Russin state assets I snickered even knowing the pirate mentality of us government but wow was i wrong
I don’t think you were wrong yet … there’s many a step between the asset forfeiture and delivery to Ukraine. Plenty of opportunities for the money to be directed for example to the weapons bills we are preparing for them.
Skimmed off , you mean.
Well they have to pay the lawyers who stole it, at a start, then there are all sorts of other expenses. I bet in the end they receive discount coupons 20% off to Disney and we will call it good.
Seizing private property without due process. So what crime did this Russians commit other than being born in the wrong country.
What happened to the rules based world order?
Yeah, the due process part is troubling.
But what comes around goes around. Right now, the US regime is stealing money that Russian oligarch kleptocrats stole from ordinary Russians. At some point, other regimes will steal money that US oligarch kleptocrats stole from ordinary Americans.
The ordinary Russians and ordinary Americans will still be screwed, though.
According to Marx, stealing is one of the pillars of capitalism hence this is not new.
I have to give credit to “the squad” for refusing to back this crap
Sir Francis Drake-like. It is no different than Piracy when England used Buccaneers to plunder Spanish Ships in the ‘New World’ There is no international rules based order, it is in flux. There is only conflict.
About conflict. Biden has boxed himself in to go in one direction, escalation. Iodine sales are through the roof.
The sheer highway robbery in the bright daylight…!
Illegal taking according to the Constitution.
Wow Madison Cawthorn and AOC together at last.
This has been the obvious direction of seizures as part of sanctions.
We have lost all sight of the ultimate goal of peace. How does this advance peace?
It is like the seizures of Iranian assets, which finally were repaid with interest after having frozen diplomacy for many years.
Is that the goal? Is that where our leaders want to go? Apparently.
Let’s give Zelensky the entire personal net worth of Joe Biden and..
The entire estate of Beau Biden who was a closet drug abuser. Joe Biden covers for his dead son Beau who really came down with cancer from doing too many impure drugs in Iraq.
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