Home Global Schumer: $33 billion Ukraine aid package to include provisions to seize and sell Oligarch assets and send proceeds to Kyiv

Schumer: $33 billion Ukraine aid package to include provisions to seize and sell Oligarch assets and send proceeds to Kyiv

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Schumer: $33 billion Ukraine aid package to include provisions to seize and sell Oligarch assets and send proceeds to Kyiv

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Ukraine aid package to include provisions to seize and sell Oligarch assets

Senate majority leader Chuck Schumer, D-N.Y., told reporters Sunday that a massive $33 billion aid package for Ukraine will include provisions to seize and sell the U.S.-based assets of Russian oligarchs. Photo by Bonnie Cash/UPI | License Photo

May 1 (UPI) — Senate Democratic leader Chuck Schumer said Sunday that the massive $33 billion Ukraine aid package that President Joe Biden last week called on Congress to pass will include provisions to seize and sell the assets of Russian oligarchs and to send the proceeds to Kyiv.

“This are the kinds of things we’re talking about: Yachts. Mansions,” Schumer said during a press conference, while holding up pictures of the luxuries to reporters. These oligarchs have bought the assets here in America with [Russian President Vladimir] Putin’s help.

“There is no reason why Putin’s cruelty and his ill-gotten profits should continue when Ukraine so desperately needs it. It comes from Putin supporting the Oligarchs. “

United States and its allies have repeatedly sanctioned Russia since the Kremlin invaded Ukraine on Feb. 24, which launched a war that has resulted in nearly 3,000 civilians killed and nearly 5.5 million forced to flee the country, according to United Nations data.

In the midst of the war that has lasted two months, the Russian oligarchs are now the focus of punitive actions as both the United States (and democratic governments) seek to press Putin with the squeeze on those within his circle.

On top of the billions the United States has already given Ukraine, Biden on Thursday called on Congress to pass an additional $33 billion emergency package for Kyiv to support its “fight for freedom. “

Currently the U.S. government doesn’t have the power or authority to pursue assets U.S.-based of Oligarchs. The Biden administration has asked Congress for legislation to give that authority.

“Ukraine requires the assistance,” Schumer (D-N.Y.) said on Sunday. It’s high time that sanctioned Russian oligarchs are held responsible for the illicit wealth they received, and the money be given to the Ukrainian people who so desperately require it. “

The provisions will create an administrative process that can be reviewed in Federal Court to seize assets and transfer the proceeds to Ukraine. They also establish a new crime for the knowingly or intentionally possessing corrupt proceeds with Russia.

Schumer stated that “obviously” a lot of Russian oligarch assets are located in his state, as well as the New York real property sanctioned investments.

Worldwide, many yachts were seized by REPO Task Force members countries. The U.S. Treasury sanctioned aircraft and vehicles valued at over $1 billion.

” But there are many more and our government often doesn’t possess the power to take these assets.” he stated. We intend to grant them that. “

Sergii Virchenko, 42, cuts hair for Sergey Gerasimenko, 50, on Thursday as they survive with hundreds of others under temporary living situations in the metro station following days of shelling by the Russians throughout parts of Kharkiv, Ukraine. Photo by Ken Cedeno/UPI | License Photo

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