‘Make Russia Pay Act’ would empower US Treasury to use seized Russian assets to help Ukraine

FIRST ON FOX: Laws was launched within the Home of Representatives on Tuesday that might set up a fund throughout the U.S. Treasury to disburse seized Russian property and have them fund Ukrainian aid.

The “Make Russia Pay Act” was launched by Rep. Stephanie Bice, R-Okla., and obtained 14 cosponsors, together with Rep. Dan Crenshaw, R-Texas. The invoice would arrange a “Ukrainian Humanitarian Reduction Fund” within the Treasury and empower the secretary of the Treasury to make use of seized Russian wealth to assist Ukrainian refugees.

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“All Russian property seized by the US, together with seized Russian Central Financial institution international reserves, shall be deemed forfeited, and the Secretary of the Treasury shall liquidate such property and deposit the ensuing funds into the Ukrainian Humanitarian Support Fund,” the invoice reads.

The aim of the brand new fund can be “to supply humanitarian aid to Ukrainian refugees who’ve fled their properties on account of Russian aggression,” the invoice defined. “Such aid could also be made on to member nations of the European Union who’ve taken in refugees from Ukraine.”

Refugees, principally ladies and kids, wait in a crowd for transportation after fleeing from the Ukraine and arriving on the border crossing in Medyka, Poland, Monday, March 7, 2022.
(AP Photograph/Markus Schreiber, File)

The cash may be used to fund the Ukrainian authorities for the needs of rebuilding infrastructure and offering humanitarian support for its residents, reminiscent of offering meals, clothes, shelter, medical care and different types of aid that the Treasury secretary deems acceptable.

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The laws would additionally empower the secretary of the Treasury to find out collectively with the secretary of Protection whether or not to make the most of the funds to supply safety help in opposition to Russia.

A refugee who fled the Russian of Ukraine comforts his canine as they sit in a ballroom ballroom that is been transformed right into a makeshift refugee shelter at a 4-star lodge in Suceava, Romania.
(AP Photograph/Andreea Alexandru)

“It’s crucial that Russia pay the implications for his or her invasion of Ukraine,” Bice mentioned in an announcement to Fox Information Digital. “This laws basically acts as a Marshall Plan, the place the funds seized from Russian property might be used to assist Ukrainian refugees, assist present for Ukraine’s protection and humanitarian wants, and rebuild destroyed infrastructure.”

“The US should take motion in opposition to the Russian conflict machine and maintain Putin and his oligarchs accountable. I’m grateful for the assist of my colleagues on this essential laws,” the congresswoman added.

Practically 2.6 million Ukrainians have fled the nation amid Russia’s invasion as of final Saturday — nearly all of which (1.6 million) sought refuge in Poland, in response to the U.N. Excessive Commissioner for Refugees (UNHCR).

President Biden introduced U.S. sanctions final month meant to cripple Russia’s monetary system and stymie its financial development by concentrating on Russia’s largest banks, which the Treasury Division mentioned holds practically 80% of all of the nation’s banking property.

The Related Press contributed to this report.