RELEASE: REP. HILL RELEASES DRAFT LEGISLATION TO FORCE RUSSIA TO PAY FOR ITS WAR DAMAGES IN UKRAINE
WASHINGTON, D.C., May 19, 2023
WASHINGTON, D.C. - Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and member of both the House Foreign Affairs Committee and the House Permanent Select Committee on Intelligence, today released a discussion draft which would make Russia pay for war damages Putin’s government is causing in Ukraine, rather than U.S. taxpayers.
“American taxpayers have held the burden of funding the war in Ukraine for too long. My draft legislation, the Ukraine Reconstruction Act, will ensure Russia is responsible for paying for the damages Putin’s government has caused in their illegal invasion of Ukraine. It is time for Putin to be held accountable for his brutal assault on this sovereign nation – Russia must bear the responsibility of paying for its illicit war.”
Ukraine Reconstruction Act: This draft legislation would amend the International Emergency Economic Powers Act to authorize the President of the United States to confiscate Russian sovereign assets located within the United States and use them to compensate Ukraine to help jump-start its economic and infrastructure reconstruction.
This draft legislation would also authorize the Treasury Secretary, at the direction of the President, to seize and transfer the title of Russian sovereign assets to rebuild Ukraine’s infrastructure and provide humanitarian relief.
It is important for our partners and allies in Europe and beyond to introduce and pass similar companion legislation. This will assist in the most effective manner in order to use Russian assets as a source of funding for reconstruction.