Biden signed a bill to help Ukraine and confiscate russian assets

The large package of US aid to Ukraine and other allies that President Joe Biden signed on April 24 also allows his administration to confiscate russian sovereign assets and use them to benefit Ukraine. 

This could mean another $5 billion in aid for Ukraine, which will come from the assets of the russian central bank that have already been frozen in the United States. The seizures will be made under the provisions of the REPO Act (short for Rebuilding Economic Prosperity and Opportunity for Ukrainians Act), which was included in the aid bill.

The new law requires the US President and the Treasury Department to begin searching for russian assets in the US within the next 90 days and report on the results of the search to Congress within 180 days.

One month after these procedures, President Joe Biden will have the right to seize, confiscate or transfer rights to any russian sovereign assets that are within Washington's jurisdiction.

However, the United States may refuse to confiscate if this proposal is not supported by the G7 countries and the European Union.

The White House wants to continue consultations with allies to act together, which may slow down the process. National Security Advisor Jake Sullivan confirmed that the United States is consulting with partners to "act together."

Treasury Secretary Janet Yellen said that the United States is unlikely to act without the support of its G7 allies.

Source: broadcast of the US Senate vote, Joe Biden's speech, AP News