United States senators have initiated a proposal for a more systematic use of frozen Russian sovereign assets to support Ukraine. The corresponding bill, which is being worked on by the Senate Foreign Relations Committee, provides for the regular transfer of profits from these assets to Ukraine every 90 days.
This is reported by Finway
Main Provisions of the REPO-2025 Bill
The proposed changes to the REPO law, enacted in April 2024, aim to enhance the procedure for confiscating Russian sovereign assets for the benefit of Ukraine. The initiative is backed by a bipartisan group of senators, including Jeanne Shaheen, Sheldon Whitehouse, Jim Risch, Chuck Grassley, Richard Blumenthal, and Lindsey Graham.
Among the key innovations of the bill are:
- the transfer of all frozen Russian sovereign assets amounting to approximately $5 billion, which are under US jurisdiction, to a separate interest-bearing account;
- recommendations for US President Donald Trump to redirect at least $250 million from this account to meet Ukraine’s needs every 90 days;
- the activation of diplomatic efforts by the Secretary of State and the US Secretary of the Treasury, urging allies to begin transferring at least 5% (about $15 billion) of frozen Russian assets for the benefit of Ukraine every 90 days.
International Context and Positions of the Parties
Since the beginning of Russia’s full-scale invasion of Ukraine, over €260 billion in Russian assets have been blocked in the West, with about €190 billion held in the Belgian depository Euroclear. European Union countries have repeatedly discussed the possibility of fully confiscating these funds, but have currently decided to use only the profits from frozen assets to assist Ukraine.
“Repurposing frozen Russian sovereign assets is a necessary step to provide Ukraine with resources for the defense and reconstruction of its communities. It is important that this approach allows us to continue supporting Ukraine without additional costs to American taxpayers. This legislation demonstrates the firm bipartisan resolve of Congress to support Ukraine. I urge the administration and our allies to continue these efforts to make Russia pay the price for its aggression,” she stated.
In the Russian Federation, the introduction of such measures is viewed as an encroachment on state and private property, as well as unlawful actions by the West.