The Biden administration has expressed support in principle for a proposed law that could enable the US government to seize approximately $300 billion in frozen Russian assets, redirecting them to Ukraine. This move, while aimed at penalizing Russia, raises serious concerns about the integrity and reliability of the US financial system.
The Biden Administration has affirmed its support for a bill that would allow for the confiscation of some of the $300 billion of frozen Russian assets for reconstructing Ukraine, Bloomberg reported on Jan. 10.
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Ukraine has taken a significant step in its pursuit of financial support for national restoration efforts, with the submission of a bill to the U.S. Congress aimed at seizing Russian assets. The proposed legislation, titled “The Asset Seizure for Ukraine Reconstruction Act,” signals a collaborative effort involving both Democrats and Republicans in the U.S. Congress. […]