Sec. 103. Prohibition on release of blocked Russian sovereign assets
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/bill/118/s/2003/rs/section-103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No Russian sovereign asset that is blocked or immobilized by the Department of the Treasury before the date specified in section 104(g) may be released or mobilized until the President certifies to the appropriate congressional committees that— hostilities between the Russian Federation and Ukraine have ceased; and full compensation has been made to Ukraine for harms resulting from the invasion of Ukraine by the Russian Federation; or the Russian Federation is participating in a bona fide international mechanism that, by agreement, will discharge the obligations of the Russian Federation to compensate Ukraine for all amounts determined to be owed to Ukraine.
Not later than 30 days before the release or mobilization of a Russian sovereign asset that previously had been blocked or immobilized by the Department of the Treasury, the President shall submit to the appropriate congressional committees— a notification of the decision to release or mobilize the asset; and a justification in writing for such release or mobilization. No Russian sovereign asset that previously had been blocked or immobilized by the Department of the Treasury may be released or mobilized if, within 30 days of receipt of the notification and justification required under subsection (b), a joint resolution is enacted prohibiting the proposed release or mobilization.
Any joint resolution described in paragraph
(1)introduced in either House of Congress shall be considered in accordance with the provisions of section 601(b) of the International Security Assistance and Arms Export Control Act of 1976 ( Public Law 94–329 ; 90 Stat. 765), except that any such resolution shall be amendable. If such a joint resolution should be vetoed by the President, the time for debate in consideration of the veto message on such measure shall be limited to 20 hours in the Senate and in the House of Representatives shall be determined in accordance with the Rules of the House. The President may take such action as may be necessary to seek to obtain an agreement or arrangement between the United States, Ukraine, and other countries that have blocked or immobilized Russian sovereign assets to prohibit such assets from being released or mobilized until an agreement has been reached that discharges the Russian Federation from further obligations to compensate Ukraine.
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- Pub. L. 94-329
- 90 Stat. 765
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Sec. 103
Prohibition on release of blocked Russian sovereign assets
Pub. L.Pub. L. 94-329
Stat.90 Stat. 765
Cites 2Cited by 0 across 0 sources