US to seize and sell Russian oligarchs’ property

Russian oligarch Alexei Mordashov's yacht docked in Italy was seized by police last month

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The White House has proposed giving the government greater power to seize and sell the assets of Russian oligarchs, and transfer their proceeds to Ukraine.

The legislative proposal, released on Thursday morning, will be presented to Congress for consideration.

The measures would make it easier for the US to seize and sell oligarchs’ assets, and use the funds “to remediate harms of Russian aggression”.

Similar legislation was recently passed in the US House of Representatives.

But the new White House plans go further by calling for inter-agency collaboration between the Treasury Department, Justice Department, State Department and Commerce Department.

The package will “establish new authorities for the forfeiture of property linked to Russian kleptocracy, allow the government to use the proceeds to support Ukraine and further strengthen related law enforcement tools,” the White House said in a statement.

It comes alongside a request for Congress to approve more military, economic and humanitarian assistance for Ukraine.

Last week, President Biden authorised a second $800m (£642m) military aid package in as many weeks, as well as $500m (£401m) in direct economic assistance.

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