Sec. 104. Supplementing United States assistance for Ukraine through the use of immobilized Russian sovereign assets
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Not later than 90 days after the date of the enactment of this Act, the President shall— effectuate the seizure, confiscation, transferral, or vesting of Russian aggressor state sovereign assets subject to the jurisdiction of the United States, in whole or part, including any interest earned on such assets, and transfer such assets to the Ukraine Support Fund pursuant to subsections (b)(2)–(3) and
(d)of section 104 of the REPO for Ukrainians Act (division F of Public Law 118–50 ; 22 U.S.C. 9521 note); or submit to the appropriate congressional committees and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a strategy for raising additional revenue from Russian aggressor state sovereign assets subject to the jurisdiction of the United States, including through the reinvestment of such assets in asset classes with greater potential to produce revenue or through the taxation of the income of such assets. The strategy required under subsection (a)(2) shall include— a proposed plan for reinvesting immobilized Russian sovereign assets, including— a description of the advantages and disadvantages of investing in different asset classes, including equities; and a projection of the potential for raising revenue under various investment scenarios and timelines; a proposal for taxing the income of immobilized Russian aggressor state sovereign assets; any other proposal to raise revenue from immobilized Russian aggressor state sovereign assets subject to the jurisdiction of the United States and an estimate of the amount of revenue to be so raised; a timeline and plan for the implementation of the preferred method for raising revenue; and a plan for utilizing the amounts generated by such additional revenue for the benefit of Ukraine, including by procuring and providing new security assistance for Ukraine. Not later than 30 days following the submission of a strategy pursuant to subsection (a)(2), and every 180 days thereafter for the following 3 years, the Secretary of State, in coordination with the Secretary of the Treasury, shall submit to the appropriate congressional committees and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that describes— the revenue generated as a result of the approach recommended by the strategy; any additional steps the Secretary of State and the Secretary of the Treasury intend to take to generate additional revenue from immobilized Russian assets; and how any revenue generated from the implementation of the strategy has been used to support Ukraine. Section 104(f)(2) of the REPO for Ukrainians Act (division F of Public Law 118–50 ( 22 U.S.C. 2951 note)) is amended by adding at the end the following: Procuring weapons intended to be transferred to Ukraine. Backfilling weapons provided to Ukraine through the use of Presidential Drawdown Authority under section 506(a) of the Foreign Assistance Act of 1961 (22 U.S.C. 2318 (a)). .
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- 22 USC 2951
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Sec. 104
Supplementing United States assistance for Ukraine through the use of immobilized Russian sovereign assets
Cite22 USC 2951
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