One element of the package will pave the way for the federal government to seize the assets of Russian oligarchs, creating a new administrative process through the Treasury and the Department of Justice. ” Which is owned by approved Russian oligarchs and is linked to certain illegal practices. ” It would make it a criminal offense for people to “intentionally or knowingly keep money directly from corruption cases with the Russian government.”
The proposal would also help raise revenue directly from “confiscated funds related to corruption, sanctions and violations of export controls, and other specific crimes to offset the losses of the Russian aggression on Ukraine,” the Justice Department said. The Treasury and the state are working together on these efforts. Earlier this week, Attorney General Merck Garland said the Biden administration would support legislation that would allow the DOJ to transfer some of the proceeds from Russian oligarchs’ assets directly to Ukraine.
The proposed package would “allow the confiscation of property that the Russian oligarchs could use to facilitate the evasion of sanctions”, a change from existing U.S. law that would only allow the United States to disburse money from sanctions violations. Allows. It would also classify sanctions theft as “racketeering activity”, extend the sanctions law for money laundering prosecution on the basis of foreign crime to 5 to 10 years, and link to foreigners. It will enhance the ability of the United States to work with allies and partners to recover assets. corruption.
The president announced last week that the United States would send an additional 800 800 million in military aid to Ukraine as Russia re-focused its campaign to retake new territory in the country’s east. Biden argued that Russia’s war had entered into what he called a “critical window” through which Western military aid was most needed.
If approved, the package announced last week would mean that the United States has pledged about 4 3.4 billion in aid to Ukraine since the Russian invasion on February 24.
The president said the package announced last week included heavy artillery, dozens of howitzers – long-range weapons – and 144,000 rounds of ammunition and more tactical drones.
In addition to military aid to Ukraine, the United States and its NATO allies have imposed a number of sanctions on Russia. The United States, the European Union, the United Kingdom and Canada have imposed sanctions targeting Russian President Vladimir Putin and Russian Foreign Minister Sergei Lavrov, and the SWIFT has banned some Russian banks, among 11,000 financial institutions in 200 countries. There is a high security network that facilitates payments.
Biden has announced that the United States will ban imports of Russian oil, natural gas and coal. The House of Representatives has also passed a bill suspending normal trade relations with Russia.
This story has been updated with additional information.