Another Way to Fund Ukraine
This week, the Senate Foreign Relations Committee considered legislation to provide additional funding for Ukraine by cashing out frozen Russian assets. The legislation would explicitly authorize the Biden administration to confiscate billions of dollars in Russian state assets that were frozen in U.S. banks as punishment for Moscow invading Ukraine in 2022. The assets would be transferred to a special fund to help Ukraine reconstruct. While a larger, emergency supplemental package with billions in additional aid for Ukraine has stalled, there is bipartisan, bicameral support for the reconstruction fund bill (S 2003). The legislation has already been considered by the House Foreign Affairs Committee with amendments that include a sunset clause that would allow the White House and State Department to only distribute the funds up to 120 days after hostilities between Russia and Ukraine cease.