Press Releases

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, introduced legislation to utilize Russian funds—instead of those from U.S. taxpayers—to cover reconstruction costs from Putin’s illegal war in Ukraine.

 

“It is past time for Russia to take financial responsibility for its assault on another sovereign nation. My legislation, the Ukraine Reconstruction Act, will hold Russia liable for the cost instead of placing the burden on American taxpayers. With billions of dollars spent by the United States and Ukraine's allies around the world, seizing Russian sovereign assets is a critical next step in our international cooperation.”

 

 

Ukraine Reconstruction Act: This bill would amend the International Emergency Economic Powers Act to authorize the President of the United States to seize and transfer the title of Russian sovereign assets located within the United States into an international fund for the sole purpose of being used to pay for Ukraine’s eventual reconstruction.

 

All confiscated funds would be subject to rigorous standards for accounting, auditing, transparency, and public reporting to Congress. This approach was crafted to be consistent with U.S. policy and international law, along with well-established international precedent.

 

Yesterday, the Russian Elites, Proxies, and Oligarchs (REPO) Task Force from G7 nations announced that an estimated $280 billion of Russian sovereign assets are currently frozen and being held in countries around the world. Therefore, it is important for our partners and allies around the world to work collaboratively to introduce and pass similar companion legislation.