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REPO for Ukrainians Act
4/10/2024, 8:08 AM
Summary of Bill S 2003
The bill proposes the allocation of funds to support the Ukrainian government in its efforts to stabilize the economy and provide humanitarian aid to those in need. It also calls for the establishment of a program to assist Ukrainian refugees who have been displaced by the conflict.
Additionally, the REPO for Ukrainians Act includes provisions for increased sanctions against Russia for its involvement in the conflict, as well as measures to support Ukraine's efforts to combat corruption and promote democracy. Overall, this bill aims to show support for the Ukrainian people and government in their struggle for peace and stability in the region. It is currently being debated in Congress and may undergo changes before being voted on.
Congressional Summary of S 2003
Rebuilding Economic Prosperity and Opportunity for Ukrainians Act or the REPO for Ukrainians Act
This bill requires or authorizes various actions related to the confiscation and disposition of Russian sovereign assets (which include funds and other property of Russia's central bank, direct investment fund, or ministry of finance).
Under the bill, the President must require U.S. financial institutions to notify the Department of the Treasury of any Russian sovereign assets located at such institutions. The President may confiscate any such assets subject to U.S. jurisdiction. Confiscated funds and the proceeds of liquidated property must be deposited into the Ukraine Support Fund established by the bill.
The Ukraine Support Fund shall be available to the Department of State only to compensate Ukraine for damages caused by the Russian invasion, including by providing funds to an international body or mechanism for (1) reconstruction and rebuilding efforts in Ukraine, (2) humanitarian assistance to the Ukrainian people, or (3) other purposes which support the recovery of Ukraine and the welfare of the Ukrainian people.
The bill also directs the President to seek to establish, with foreign partners, an international mechanism to provide compensation to Ukraine using the Ukraine Support Fund and Russian sovereign assets confiscated by foreign partners.
Additionally, the bill sets policy on related topics, such as specifying that the United States should lead an international sanctions regime to freeze Russian sovereign assets in conjunction with allies and partners.
