US Senators Joe Manchin (D-WV), Lindsey Graham (R-SC), Richard Blumenthal (D-CT) and Mike Rounds (R-SD) introduced the Transferring Illicit Assets to Ukraine Act. The legislation aims to give the Department of Justice (DOJ) more power to transfer confiscated Russian assets to Ukraine. The senators believe that defeating Putin and supporting the Ukrainian people in their fight against the Russian invasion should remain a top priority. The bipartisan legislation would authorize the DOJ to expand its ability to seize Russian assets and send them directly to Ukraine for defense and reconstruction.
“Transferring assets seized from those who aided and incited Putin’s barbaric invasion will help Ukraine defend and rebuild their homeland,” Senator Blumenthal said in a statement to PolitcusUSA. “Our measure — targeting the ill-gotten gains of oligarchs, sanctioned corporations and others who support the Russian war machine — gives DOJ the resources it needs to embolden our allies. This is a critical time for Ukraine’s struggle for freedom. I am proud to join my colleagues in this two-pronged effort.”
The senators have stated that it is a crucial time for Ukraine, and the asset forfeiture law will allow them to transfer more forfeited assets from Putin’s cronies to Ukraine for the war effort. The legislation targets the ill-gotten gains of oligarchs, sanctioned corporations and others who support the Russian war machine. It gives DOJ the tools it needs to embolden allies and help Ukraine defend and rebuild their homeland.
“This is a crucial moment for Ukraine. Our efforts to assist Ukraine in liberating their country from Russian invasion and Senator Manchin’s forfeiture law will allow us to transfer more confiscated assets of Putin’s cronies to Ukraine so that they can use them for the war effort,” said Senator Graham. “A win-win for everyone.”
Under its current authority, DOJ can only transfer assets to Ukraine that have been forfeited due to violations of selected Russia-related sanctions. The first and only use of this power came in February 2023 when Attorney General Merrick Garland authorized a $5.4 million transfer forfeited by a sanctioned Russian oligarch. With expanded Congressional authority, DOJ could transfer much more resources from bad actors to support the Ukrainian people in their fight for freedom.
The Transfer of Illegal Assets to Ukraine Act would expand the DOJ’s existing authority to apply the proceeds of forfeited assets from any sanction or export control involving Russia or Belarus in connection with the Russian invasion of Ukraine. The legislation requires a report from the Attorney General, Finance Minister and Foreign Minister outlining a plan for using this new authority and semi-annual reports from the same entities on the use of this authority for the benefit of Ukraine.
The Senate’s bipartisan effort demonstrates the United States’ commitment to the Ukrainian people and their fight for freedom, contrasting with the House where the Republican majority is divided on supporting Ukraine and Kevin McCarthy has indicated that Republicans are not will support more aid.
