A bipartisan group of US lawmakers introduced a piece of legislation on Thursday that would give President Biden the power to confiscate frozen Russian Central Bank assets and send them to Ukraine.
The Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act was introduced in both the House and the Senate. According to the House Foreign Affairs Committee, the legislation would “provide additional assistance to Ukraine using assets confiscated from the Central Bank of the Russian Federation and other sovereign assets of the Russian Federation.”
The US Justice Department has authorized the transfer of some private Russian assets to Ukraine, but taking funds from the Russian Central Bank would mark a significant escalation of Washington’s economic war against Moscow. Hundreds of billions of dollars in Russian Central Bank assets have been frozen by the US and its allies.
The legislation would also instruct President Biden to “work with allies and partners to establish an international compensation mechanism to transfer confiscated or frozen Russian sovereign assets to assist Ukraine.” European countries have been discussing the idea of using Russian assets to provide more funds for Ukraine, including investing the assets and sending Kyiv the returns.
The bill would also give the State Department “additional resources to work with partners and allies abroad toward the goal of confiscation of additional Russian sovereign assets in other countries.”
The House version of the bill was introduced by Reps. Michael McCaul (R-TX), Marcy Kaptur (D-OH), Joe Wilson (R-SC), Thomas Kean Jr. (R-NJ), Brian Fitzpatrick (R-PA), Rep. Steve Cohen (D-TN), and Rep. Mike Quigley (D-IL). In the Senate, the legislation was led by Senators Jim Risch (R-ID) and Sheldon Whitehouse (D-RI).
Why would anybody trust an American bank? Get on the wrong side of the government and they will steal your money. I think it is a bad idea.
This is why everyone is ditching the US dollar.
If Russia and China was wavering on that widely reported about competitor to the dollar that will involve basket of currencies predicted to be introduced at the August Brits meetiing in Durban, legislation like this will ensure it will happen.
Theft is wrong no matter how you dress it up.
There are rumors that Ramaphosa is trying to get the BRICS summit moved to another country so as to avoid the “ask Putin not to come so we don’t have to arrest him” problem.
Putin is not the finance minister nor has he been quoted in regards to BRICS in the press.
I doubt he was planning on showing up to take over for Lavrov just for a photo op like a Western politician would.
It seems to me he’s quite busy running a war to bother to decide he needs to be a politician and be the one to make announcements about stuff others worked on.
But who knows?
Perhaps while they meet to try to wrest control from the dollar they’ll worry about how it looks to the West and move the meeting so as to not make us mad?
Brazil is beutiful in August
Well, it’s a propaganda fight, and South Africa is caught in the middle.
The US wants to be able to crow that Putin can’t go anywhere because he’d be arrested.
Putin wants to be seen going places and remaining a “world leader.”
South Africa would presumably love to have the BRICS conference, including attendance by “world leaders.” Not just because BRICS is important in itself, but because hosting the conference gets South Africa “important country” stature.
But South Africa is also obligated by its ICC membership to arrest Putin if he turns up on their soil.
Sure the US can crow about arrest warrants that will never happen while the dollar’s status is being tested.
I surmise getting people worked up about a posible Putin arrest is better than then focusing on on other things such as the topics on that meeting’s agenda.
Currency is just one thing.
How about the more than a dozen other nations that want to join that economic bloc?
That has quite a few different economic impacts that will be felt and develop.
But let’s not focus on that because South Africa is worried about an arrest warrant that won’t happen.
Quite honestly that warrant is a means to divert attention away from important economic actions that will impact us in many ways in the future.
The people most worked up about a possible Putin arrest are the politicians in the country that will have to arrest him if he shows up on their soil.
Which is why those politicians 1) have asked him not to come and 2) are now asking that the summit be held on non-ICC-jurisdiction soil.
Squirrel!
Look at the squirrels!
Will the dastardly Putin get arrested or not?
Is he planning on testing a Western arrest warrant while he fights war?
We must know those answers!
Will Jan Brady finally get a boyfriend?
Are there aliens?
Never mind about the meeting itself and how it is impacting the G7, we have squirrels to consider!
I don’t want to be more of a smart ass than I already am, but you focus on your arrest warrants that will not happen and I’ll continue to focus on trade, the dollar, and the various agreements that will arise from this meeting of a economic bloc that is larger than the G7.
Yes, Aliens ARE real, 100% for sure. I knew that well before the latest revelations. You don’t think that will not affect everything?
Sure it will but as with most things like that what makes you believe they will pick NOW to decide to make themselves known?
Why not wait another 100 years? 1000?
Why are we so interesting today that they will decide it is time?
Because it IS WAY PAST TIME for the DC Ghouls and their demons to admit all they know and have done.
Do you really expect that to happen?
IMO, the Grusch disclosures are probably a modified limited hangout.
Thomas, only when they are fully exposed by others, then they will pay for their crimes and corruption.
but not today
there are always layers of limited hangouts surrounding every questionable event of significance.
“”Yes, Aliens ARE real, …. You don’t think that will not affect everything?””
not today it won’t. maybe someday but not today.
When George W. Bush was faced with a similar situation, he signed into law the American Servicemembers Protection Act of 2002, which authorizes the use of military force to liberate any American or citizen of a U.S.-allied country being held by the ICC
Sure, maybe, could be; I bet the Western press is really worried about that and the State Department is ready with a quote about it.
The meeting agenda?
That’s not important!
Nothing will happen that will impact us.
It’s only the world’s largest economic bloc and nothing they talk about is important.
So………
Did you hear Putin could get arrested?
What is South Africa going to do?
Will we get fingerprints?
Golly we must focus on this….
Let’s call it what it is. These fools want to steal the assets of another nation. There will be retaliation, and it will come for more countries than Russia.
Their proposal to give Biden the authority to do that will be abused, in the same way the 2003 Authorization for the Use of Military Force has been abused, by Biden himself, and by all future Presidents.
I move that we require all elected legislators pass a test that demonstrates they understand the Constitution before they are allowed to be seated in Congress.
Hunter and “The Big Guy” will get their massive kickback.
And the rest of the world will dump their US Petrodollars.
I feel really bad for all of my American friends.
“US Lawmakers Introduce Bill to Give Russian Central Bank Assets to Ukraine – The bipartisan legislation was introduced in both the House and Senate”
Theft of other countries assets will drive more and more countries to distrust America, abandon the dollar, and join the BRICS nations.
This action will poison relations with Russia for a thousand years.
Not only that, but it highly discourages Russia from seeking a diplomatic solution. Might as well march on Kiev if that’s where all their money ended up.
Putin is wasting his time if he keeps looking for diplomatic solution. It takes rational people, people with character with integrity and decency, there are none in DC or in Europe with the exception of Orban and some, but not in Germany, France, and UK. They sold their nations a long time ago.
America is on that list as well.
It will cause far more than that!
Fucking thieves… These people should not be trusted with anything.
We will have to hold them personally responsible when Russia unleashes hell on the USA!!
Russia wont unleash jack sh!t on US because it cannot. The second they try, Putin and Kremlin will be gone. I think they enjoy their luxurious lives way too much to put an end to it.
Julio or more accurately Dumbo, if Putin enjoyed his lavish lifestyle so much why would he risk it all by going to war. You are about a dumb S.O.B.
God help us, Washington is populated by criminal idiots. And they are being followed by herds of more idiots.
The Russians will have to set up a tribunal for all the criminals of the USA/NATO idiots and the mass of manipulated idiotic followers.
would give President Biden the power to confiscate frozen Russian Central Bank assets
i don’t see how Biden could have that power even if uncle sam hands him a piece of paper that says so. and how did uncle sam get the power to freeze Russian Central Bank assets in the first place. here is a history of the Russian Central Bank =
https://en.wikipedia.org/wiki/Central_Bank_of_Russia#:~:text=President%20of%20the%20Central%20Bank%20of%20Russia,-President%20of%20the&text=The%20President%20of%20the%20Board,%2Dyear%2Dterms%20after%20appointment.
Scheduling Laundry Day I seeā¦
This is an act of desperation by USA/NATO. They are the losers and they do know it.
The USA is WM in destruction, they start wars they can’t win.
All they can do is to destroy and leave with scorched earth left behind.
At home they can’t even keep their infrastructure up or fund education and health care. Their Southern states like Louisiana, Mississippi, Alabama, Arkansas and more are in worth shape than 3rd world countries, rotting away villages, they can’t even remove the rotten piles of fouling shacks where people used to live in, they build nothing but warehouse boxes. Prosperous nations build real buildings and high speed rails. The Americans know how to pour asphalt but can’t pay to fill the potholes.
The nation is so run down, it does not look like a advanced first world prosperous nation at all. That must be why they always have to tell the whole world how great they are.
Ummm… if you’re going to steal another nation’s assets, why not reimburse the US taxpayer rather than giving the money to The Most Corrupt Nation In Europe (nine years in a row and counting)?
You mean the second most corrupt nation in Europe don’t you?
The first place is won by Russia every year and by a significant margin.
https://tradingeconomics.com/country-list/corruption-index?continent=europe
I guess you could make the argument that it is not corruption in Russia but their way of government!
Our “government” will further build on the distrust the countries who have financial ties to America, further isolating America from the entire world of nations…which is exactly what OBiden wants.