Senate committee approves legislation to give Russian assets to Ukraine

The Senate Foreign Relations Committee approved the unprecedented legislation on Wednesday in a 20-1 vote, sending the bill on for debate in the Senate and the House of Representatives. The Rebuilding Economic Prosperity and Opportunity for Ukrainians Act, also known as the REPO Act, would allow the United States to seize Russian assets and give them to Ukraine to rebuild damage caused by Russia’s nearly two-year invasion of the country. Sen. James E. Risch sponsored the REPO Act and said congressional leadership has “committed to move this as quickly as it can.”

What kind of assets are they considering? The United States froze over $5 billion in Russian bank assets when Russian President Vladimir Putin first invaded Ukraine in Feb. 2022. For the first time, the REPO Act would allow the United States to seize central banking assets from a country with whom it is not at war.

Dig deeper: Read William Fleeson’s report in WORLD Magazine on Ukrainian Christians giving aid and hope in the thick of battle.