Russia must pay: US paves way for historic seizure of $300bn in reparations for Ukraine

On 20 April 2024, Ukrainians watched with bated breath as the United States House of Representatives voted to approve a bill that would provide approximately $61 billion in aid to Ukraine. This vote came after more than six months of delays, and the entire nation of Ukraine waited with anticipation. On 23 April 2024, the Senate also passed the bill, leaving the final step for President Biden to sign it into law. US passes long-awaited Ukraine aid package. Here is what it contains In addition to the much-needed aid for Ukraine’s military, Congress also passed legislation that allows for the confiscation of Russian central bank assets, with the proceeds going to support Ukraine. This law establishes a legal mechanism for asset confiscation as a countermeasure against Russia’s actions. It grants the President of the United States the authority to initiate the confiscation procedure and subsequently transfer the seized funds to designated accounts: the Compensation Fund and the Ukraine Support Fund. The President can coordinate the process of transferring the confiscated Russian assets to Ukraine with the Group of Seven (G7) countries, the European Union (EU), and other partners. Furthermore, the law provides for the expansion of anti-Russian sanctions. Regarding the...