Asset Seizure for Ukraine Reconstruction Act 2022-04-27 Passed House Asset Seizure for Ukraine Reconstruction Act

This bill establishes a working group to determine the legal mechanisms that may be used to seize assets belonging to certain foreign persons (i.e., individuals and entities) affiliated with Russia's political leadership and addresses related issues.

The interagency working group must determine the constitutional mechanisms by which the President may take steps to seize and confiscate assets belonging to any sanctioned foreign person whose wealth is derived through support for or corruption related to the regime of Russian president Vladimir Putin. The working group must report to Congress on certain issues including (1) recommendations to impose additional energy-related sanctions on Russia's government, and (2) any additional authorities the President needs to take steps to seize and confiscate the assets.

The President must report to Congress a determination as to whether to expand existing sanctions related to certain Russian government activities to cover additional persons.

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2022-03-03 Introduced in House Asset Seizure for Ukraine Reconstruction Act

This bill authorizes the President to, subject to certain conditions, seize assets belonging to a foreign person whose wealth is derived in part through political support for or corruption linked to Russian President Vladimir Putin.

Specifically, for two years starting from this bill's enactment, the President may seize such assets if (1) Russia remains engaged in a conflict of territorial conquest in Ukraine; (2) the President has imposed sanctions on the owner of the assets for reasons related to corruption, human rights violations, malign influence, or conflicts in Ukraine; and (3) the assets are valued at over $5 million.

Such seized assets may be liquidated, and the resulting funds may only be used for specified purposes, including (1) the post-conflict reconstruction of Ukraine, (2) humanitarian assistance and refugee support for the Ukrainian people, (3) weapons for Ukraine's uniformed military forces, and (4) humanitarian and development assistance for the Russian people.

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