U.S. and EU Will 'Act In Concert' To To Seize Russian Assets To Help Ukraine

U.S. and EU Will 'Act In Concert' To To Seize Russian Assets To Help Ukraine

The United States said Tuesday it expected to act in concert with its European and other allies on the seizure of Russian sovereign assets to be transferred to help with Ukraine’s reconstruction and recovery from the harm caused by Russia’s invasion, TURAN's Washington correspondent reports.

"The Secretary [of State] has made quite clear that we have been given those authorities and we plan to use them," State Department's spokesperson Matthew Miller told a daily briefing when asked by TURAN about recent congressional calls on the Biden administration to swiftly implement the REPO Act (a bipartisan piece of legislation signed into law ordering the seizure of Russian sovereign assets held in the U.S.) to support Ukraine.

The spokesperson went on to explain, "As I think you know, the vast majority of the frozen Russian assets are not held in the United States.  They’re held in European countries. So for this action to be as effective as possible, it’s important that we act in concert with our allies, and we are in consultation with our European allies about the best way to do that possible."

Early this week, U.S. Congress Foreign Affairs Committee leaders sent a letter to both Blinken and Treasury Secretary Janet Yellen urging for the swift and full implementation of the REPO Act.

"Swift action to launch the new reporting requirements will also help further our common objective of clearly identifying and reporting all available assets as a first step toward their transfer, seizure, or confiscation to vest in the new Ukraine Support Fund," reads the letter. 

"By proceeding in this manner deliberately and quickly, we also ensure that the U.S. Government is protecting U.S. taxpayer interests by using Russian money first to compensate Ukraine for the damages Russian President Vladimir Putin has and continues to inflict upon Ukraine due to Russian illegal aggression," the lawmakers went on to add.

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