Congress passes bill that could unlock billions in frozen Russian assets for Ukraine

The House on Saturday passed a foreign aid package as well as the so-called REPO Act that will allow the Biden administration to confiscate billions of dollars in Russian assets held in U.S. banks and transfer them to Ukraine for reconstruction.

By providing urgent assistance to Ukraine, the United States has reaffirmed itself as the leader of the free world and a reliable partner for its allies,” said Rep. Ritchie Torres, D-N.Y. “The United States has a singular obligation to help Freedom fighters are fighting for their freedom, and nowhere more so than in Ukraine, where self-defense against Putin's aggression must prevail. »

The REPO Act, which would authorize Biden to confiscate Russian assets frozen in U.S. banks and transfer them to a special fund for Ukraine, is part of the foreign aid package stalled for months in the House. More than $6 billion of the $300 billion in frozen Russian assets are in U.S. banks. Most of the $300 billion is in Germany, France and Belgium.

On Wednesday, House Speaker Mike Johnson released the plan that would include tens of billions of dollars in aid to Ukraine, Israel and Taiwan.

“I'm going to give every member of the House the opportunity to vote their conscience and their will on this,” Johnson told reporters, defending his decision to allow the vote on Saturday.

Russian President Vladimir Putin and his government have invested heavily in the euro and dollar over the years to maintain the stability of the ruble, creating foreign currency reserves worth $300 billion.

But in early 2022, after Putin's invasion of Ukraine, all Group of Seven (G7) countries, including the United States, the United Kingdom, Canada, France, Germany, Italy and Japan, banded together and froze all of Russia's $300 billion in foreign currency. reserves held in the banks of these countries, most of the money in Europe.

The Russians were surprised when, just after the war began, the Europeans took exactly the same steps as the United States, freezing all reserves there, and the Japanese did the same. This is why most of Russia's reserves are frozen today. Western banks, said Chris Miller, a professor at the Fletcher School at Tufts University.

The idea of ​​confiscating Russian assets emerged last year and was hotly contested by economists and foreign policy experts.

In a recently published article in the New York Times, opinion writer Christopher Caldwell argued that it was a very bad idea to confiscate Russian funds because other countries might stop investing in the United States, which could have a negative impact on the economy in the long term.

This could weaken the dollar's status as the world's main reserve currency. The dollar is probably the most valuable strategic asset the United States has, Caldwell argued.

McFaul, who has been pushing for the REPO Act for months, applauded Caldwell's assertion and said using Russian assets for Ukraine would send an important message to autocratic nations around the world.

There are those who say, “Well, that's going to hurt the dollar.” It's bad for our reputation. I have reservations about this. I don't want criminals investing in U.S. Treasuries, McFaul said.

One of the diplomatic challenges would be to convince the other G7 countries to do the same. If the United Kingdom supports the idea, France and Germany are reluctant.

We are making good progress in accessing these funds on an agreed basis that I think we can present to the G7, British Foreign Secretary David Cameron told reporters on April 9.

Amid the diplomatic maneuvering, a background group has consistently pressured members of Congress, the White House and G7 countries to move forward with the idea of ​​confiscating the funds.

The Renew Democracy Initiative, a Washington, D.C.-based nonprofit that promotes democracy and the American interest abroad, sent a letter Friday urging Majority Leader Johnson and House Minority Leader HakeemJeffries to work together to pass the REPO law.

Your leadership through legislative action will increase the likelihood that the administration will do what is necessary to confiscate Putin's billions, wrote RDI President Garry Kasparov and RDI CEO Uriel Epshtein.

In an interview Friday, Epshtein said he believed the United States would take steps to spark collaboration at the G7 to confiscate the funds.

Other G7 countries will only move to confiscate Russian assets if the United States takes the lead, Epshtein said.

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