I 

118TH CONGRESS 

2D SESSION H. R. 9666 

To require the President to seize Azerbaijani assets and create a process 

for Armenians displaced from Artsakh to claim such assets as compensation for lost revenue, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 18, 2024 

Mr. SCHIFF (for himself, Ms. ESHOO, Mr. PALLONE, Mr. AMO, Mrs. BEATTY, 

Mr. COSTA, Mr. GOTTHEIMER, Mr. LAMALFA, Mr. MAGAZINER, Mr. 

MCGOVERN, Ms. MENG, Mr. MULLIN, Mrs. NAPOLITANO, Ms. NORTON, 

Ms. SA ́NCHEZ, Ms. SCHAKOWSKY, Mr. SHERMAN, Ms. TITUS, and Mrs. 

TRAHAN) introduced the following bill; which was referred to the Committee on Foreign Affairs, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each 

case for consideration of such provisions as fall within the jurisdiction of 

the committee concerned 

A BILL 

To require the President to seize Azerbaijani assets and 

create a process for Armenians displaced from Artsakh 

to claim such assets as compensation for lost revenue, 

and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Artsakh Revenue Re5 covery Act of 2024’’. 


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1 SEC. 2. FINDINGS. 

2 Congress finds the following: 

3 (1) Between September 19 and 20, 2023, the 

4 Republic of Azerbaijan launched an unprovoked mili5 tary assault on the Republic of Artsakh, also known 

6 as Nagorno-Karabakh. The massive invasion was 

7 preceded by a year-long blockade of the region, 

8 which created the conditions for a humanitarian cri9 sis even before the military assault. The blockade 

10 and the military invasion of Artsakh resulted in over 

11 120,000 Armenians displaced from their homes, 

12 forcing them to seek refuge in neighboring Republic 

13 of Armenia. 

14 (2) Azerbaijan’s military offensive into Artsakh 

15 has been described as the ethnic cleansing of all Ar16 menians from the area in violation of the United 

17 Nations International Convention on the Elimination 

18 of All Forms of Racial Discrimination. 

19 (3) The Armenians, forcibly displaced from 

20 Artsakh, lost their jobs and were separated from 

21 their property, consisting of 14,772 businesses, 

22 142,000 acres of farmland, and 2,729 commerical 

23 vehicles. 

24 (4) The jobs and property previously provided 

25 a source of revenue for the Armenians who lived in 


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1 Artsakh, a means to support a livelihood and the 

2 well-being of families with dignity and respect. 

3 (5) The annual gross domestic product (GDP) 

4 from Artsakh in 2022 was approximately 

5 $628,705,000. 

6 (6) While this property continues to be owned 

7 by the Armenians who were forced to leave Artsakh, 

8 it is not under their direct control and, therefore, is 

9 not providing the previously generated source of rev10 enue to its owners. 

11 (7) The displaced Armenians from Artsakh who 

12 are now refugees in Armenia under Temporary Pro13 tected Status have limited ability to earn a living 

14 wage for themselves and their families. The Govern15 ment of Armenia is providing financial assistance to 

16 these refugees. However, this financial assistance is 

17 insufficient to satisfy the rising cost of housing and 

18 other basic needs. 

19 (8) The State Oil Fund of the Republic of 

20 Azerbaijan, a sovereign wealth fund, has an invest21 ment portfolio of over $57,000,000,000, of which 

22 $32,100,000,000 is in United States dollar-denomi23 nated investments. 

24 SEC. 3. SENSE OF CONGRESS. 

25 It is the sense of Congress that— 


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1 (1) Azerbaijan committed acts of unprovoked 

2 aggression when it implemented a blockade against 

3 Artsakh in December 2022 and then executed a full4 scale military assault in September 2023, acts which 

5 were violations of international law and gross viola6 tions of the human rights of the Armenians residing 

7 in Artsakh; 

8 (2) as a result of Azerbaijan’s aggression, Ar9 menians were forcibly displaced from Artsakh, leav10 ing behind their jobs, businesses, and property that 

11 had previously generated revenue and livelihoods, 

12 which the Armenians have been unable to recover 

13 since; 

14 (3) the Government of Azerbaijan should bear 

15 the full responsibility and liability for the damages 

16 caused by the military assault into Artsakh, which 

17 includes the loss of revenue from jobs, businesses, 

18 and property; 

19 (4) the Government of Azerbaijan must honor 

20 the rights to the property of all displaced Armenians 

21 from Artsakh and the right for these owners to re22 claim their property at an appropriate time following 

23 the implementation of a peace agreement between 

24 Azerbaijan and Armenia; 


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1 (5) until such time that the property owners ei2 ther return to Artsakh to reclaim their property or 

3 dispose of their property through fair market and le4 gally sufficient means, the Government of Azer5 baijan should be responsible for compensating all 

6 displaced Armenians from Artsakh due to their lost 

7 revenue; 

8 (6) if Azerbaijan refuses to pay compensation 

9 for lost revenue, a funding mechanism should be es10 tablished by the President, which would seize and 

11 then transfer Azerbaijan’s sovereign assets in the 

12 United States for the purpose of paying compensa13 tion for lost revenue to the victims of Azerbaijan’s 

14 aggression; and 

15 (7) the Government of Azerbaijan should settle 

16 to the satisfaction and agreement of property owners 

17 the irrevocable damage to property in Artsakh, 

18 which prohibits the future use of the property as a 

19 source of generating revenue or for personal recre20 ation, as the result of Azerbaijan’s military assault. 

21 SEC. 4. SANCTIONS WITH RESPECT TO THE REPUBLIC OF 

22 AZERBAIJAN. 

23 (a) AZERBAIJANI ASSETS REPORT REQUIREMENT.— 

24 Not later than 60 days after the date of the enactment 

25 of this Act, the President shall require any United States 


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1 financial institution holding an Azerbaijani sovereign asset 

2 to promptly provide notice of such asset to the Director 

3 of the Office of Foreign Assets Control of the Department 

4 of the Treasury. 

5 (b) SANCTIONS.— 

6 (1) ASSET BLOCKING.—Not later than 60 days 

7 after the date of enactment of this Act, and notwith8 standing the requirements of section 202 of the 

9 International Emergency Economic Powers Act (50 

10 U.S.C. 1701), the President shall exercise all powers 

11 granted to the President by that Act to block and 

12 prohibit all transactions in all Azerbaijani sovereign 

13 assets if such assets are in the United States, come 

14 within the United States, or are or come within the 

15 possession or control of a United States person. 

16 (2) ASSET SEIZURE.—Not later than 90 days 

17 after the President blocks and prohibits transactions 

18 under paragraph (1), the President shall seize any 

19 Azerbaijani sovereign assets described in such para20 graph. 

21 (3) VISAS AND ADMISSION.— 

22 (A) IN GENERAL.—The President may, in 

23 accordance with section 212(f) of the Immigra24 tion and Nationality Act (8 U.S.C. 1182(f)), 


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1 deny to any senior official of Azerbaijan or im2 mediate family member of such official— 

3 (i) a visa or other documentation to 

4 enter the United States; and 

5 (ii) admission into the United States. 

6 (B) PUBLIC AVAILABILITY.—The Secretary 

7 of State shall make publicly available on the 

8 website of the Department of State the name of 

9 each individual denied admission into the 

10 United States pursuant to subparagraph (A). 

11 (c) WAIVER.—The President may, on a case-by-case 

12 basis, waive the application of sanctions under subsection 

13 (b) with respect to the Government of Azerbaijan or a sen14 ior official of Azerbaijan if, prior to the application and 

15 enforcement of such sanctions— 

16 (1) the President submits to the appropriate 

17 congressional committees a request for such waiver; 

18 and 

19 (2) after the date of the enactment of this Act, 

20 a law is enacted specifically approving such waiver. 

21 (d) TERMINATION.—The requirement to impose 

22 sanctions under subsection (b) shall terminate when each 

23 of the following has occurred: 


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1 (1) Not less than 90 days have passed since the 

2 date Azerbaijan and the Republic of Armenia have 

3 concluded a peace agreement. 

4 (2) Azerbaijan and Armenia have begun imple5 menting such agreement. 

6 (3) Each eligible person that has submitted an 

7 eligible claim for which an amount has been deter8 mined under section 6(a)(3) has been paid such 

9 amount by the Government of Azerbaijan or the 

10 Artsakh Revenue Recovery Fund established under 

11 section 5. 

12 SEC. 5. ESTABLISHMENT OF THE ARTSAKH REVENUE RE13 COVERY FUND. 

14 (a) IN GENERAL.—Not later than 180 days after the 

15 date of the enactment of this Act, the President shall es16 tablish an account, to be known as the ‘‘Artsakh Revenue 

17 Recovery Fund’’ (in this Act referred to as the ‘‘Fund’’), 

18 to consist of the funds deposited into the account under 

19 subsection (d) and any amounts appropriated pursuant to 

20 the authorization of appropriations under subsection (f). 

21 (b) PURPOSE.—The purpose of the Fund is to receive 

22 assets seized pursuant to section 4(b)(2) and to provide 

23 compensation for lost revenue from eligible property to 

24 certain Armenians displaced from Artsakh in the absence 

25 of such compensation from the Government of Azerbaijan. 


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1 (c) BOARD OF DIRECTORS.— 

2 (1) ESTABLISHMENT.—The Secretary of State 

3 shall establish a board of directors to manage the 

4 Fund (in this Act referred to as the ‘‘Board’’). 

5 (2) COMPOSITION.—The Board shall be com6 posed of citizens of the United States and include 

7 citizens of Armenia. 

8 (d) LIQUIDATION AND DEPOSIT.—The President 

9 shall— 

10 (1) not later than 90 days after seizing Azer11 baijani sovereign assets that are funds under section 

12 4(b)(2), deposit such funds into the Fund; and 

13 (2) not later than 180 days after seizing Azer14 baijani sovereign assets that are property under sec15 tion 4(b)(2)— 

16 (A) liquidate or sell such property; and 

17 (B) deposit the funds resulting from such 

18 liquidation or sale, less any costs incurred by 

19 such liquidation or sale, into the Fund. 

20 (e) USE OF SEIZED PROPERTY.—Subject to sub21 section (g), amounts in the Fund shall be available, with22 out subsequent appropriation, to be used only— 

23 (1) to make payments to eligible persons for 

24 revenue lost during the period beginning on Sep25 tember 19, 2023, and ending on the date that is 90 


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1 days after a peace agreement between Azerbaijan 

2 and Armenia is concluded; and 

3 (2) to pay for routine expenses incurred in the 

4 operation of the Fund, including the work of the 

5 claims processing team described in section 6(a)(2). 

6 (f) AUTHORIZATION OF APPROPRIATIONS.—There 

7 are authorized to be appropriated to the Fund 

8 $100,000,000. 

9 (g) AMOUNTS RETURNED TO THE TREASURY.— 

10 Upon deposit of total amounts into the Fund under sub11 section (d) equal to or exceeding the amount appropriated 

12 to the Fund by Congress (if any), the Board shall transfer 

13 to the general fund of the Treasury an amount equal to 

14 the amount appropriated pursuant to the authorization of 

15 appropriations under subsection (f). 

16 (h) REPORT TO CONGRESS.—The Board shall annu17 ally submit to the appropriate congressional committees 

18 a report on the operation of the Fund for activities in the 

19 year prior to the submission of the report, including a de20 scription of— 

21 (1) amounts transferred to the Fund; 

22 (2) operational expenses of the Fund; and 

23 (3) disbursement of amounts in the Fund. 

24 (i) TERMINATION.— 


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1 (1) IN GENERAL.—The Fund shall terminate on 

2 the later of— 

3 (A) the date that is one year after a peace 

4 agreement between Azerbaijan and Armenia has 

5 been signed; or 

6 (B) the date on which each eligible person 

7 that has submitted an eligible claim for which 

8 an amount has been determined under section 

9 6(a)(3) has been paid such amount by the Gov10 ernment of Azerbaijan or the Fund. 

11 (2) DISPOSITION OF FUNDS.— 

12 (A) IN GENERAL.—Any amounts remain13 ing in the Fund on the date of termination 

14 under paragraph (1) shall be returned to the 

15 Government of Azerbaijan or to the senior offi16 cials from which such amounts originated. 

17 (B) AMOUNT.—The amount to be provided 

18 to the Government of Azerbaijan and each offi19 cial described in subparagraph (A) shall be re20 duced on a proportionate basis based on— 

21 (i) the amount of overall compensa22 tion payments, to be calculated as a pro23 portion of total assets seized and the total 

24 amount of compensation paid; and 


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1 (ii) the total operating expenses for 

2 the Fund 

3 SEC. 6. SUBMISSION OF REVENUE RECOVERY CLAIMS. 

4 (a) CLAIM PROCESS FOR RECOVERY OF REVENUE.— 

5 The Secretary of State shall coordinate with relevant 

6 countries near Azerbaijan and international organizations 

7 to establish a streamlined process by which— 

8 (1) eligible persons shall have the opportunity 

9 to submit to the Government of Azerbaijan, through 

10 the Fund’s claims processing team described in 

11 paragraph (2), eligible claims described in subsection 

12 (b) beginning on the date that is 90 days after the 

13 date of the enactment of this Act; 

14 (2) a claims processing team, to be established 

15 by the Board and composed to the extent possible of 

16 former officials of the Government of Artsakh and 

17 supported as necessary by appropriate 

18 nongovernmetal organizations, shall verify the em19 ployment or the partial or full ownership of the 

20 property described in each eligible claim submitted 

21 under paragraph (1) to a reasonable standard 

22 through attestation that does not require the presen23 tation of an employment contract, an original owner24 ship document, or a deed; 


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1 (3) the claims processing team described in 

2 paragraph (2) shall verify or reasonably estimate the 

3 amount of revenue from the employment or property 

4 verified under paragraph (2) that the eligible person 

5 lost as a result of the Azerbaijani military assault in 

6 September 2023 in Artsakh; 

7 (4) the Government of Azerbaijan can— 

8 (A) take receipt of eligible claims that have 

9 been verified under paragraphs (2) and (3); 

10 (B) seek clarification with respect to any 

11 claim that is not related to the validity of the 

12 claim or the amount of compensation deter13 mined by the claims processing team; and 

14 (C) pay, within 90 days of receipt of such 

15 claim, the eligible person that submitted the 

16 claim, the amount determined under paragraph 

17 (3); and 

18 (5) not later than 90 days after the Govern19 ment of Azerbaijan fails to pay any eligible person 

20 the full amount determined under paragraph (3), 

21 such eligible person shall be paid such amount from 

22 the Fund, less any amount paid by the Government 

23 of Azerbaijan. 

24 (b) ELIGIBLE CLAIM DESCRIBED.—An eligible claim 

25 described in this paragraph is a claim for compensation 


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1 for lost revenue associated with an eligible employment or 

2 property from the period of September 19, 2023, through 

3 the date that is 90 days after the conclusion of a peace 

4 agreement between Azerbaijan and Armenia, including 

5 proportional compensation for revenue lost from eligible 

6 property owned by multiple owners, if such property— 

7 (1) is not irrevocably damaged or destroyed; or 

8 (2) is irrevocably damaged or destroyed, and— 

9 (A) such damage or destruction occurred 

10 in Artsakh as a result of the Azerbaijani mili11 tary assault in September 2023; and 

12 (B) the owner of such property has not re13 ceived compensation for the loss of the prop14 erty, including compensation from a govern15 ment or from commercial insurance. 

16 SEC. 7. REPORT TO CONGRESS. 

17 Not later than 120 days after the date of the enact18 ment of this Act, the President shall submit to the appro19 priate congressional committees a report that includes— 

20 (1) a list of all Azerbaijani sovereign assets 

21 subject to sanction under section 4(a)(1); 

22 (2) a plan for the seizure of such assets and de23 posit of such assets into the Fund; and 


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1 (3) a plan for establishing the Fund, including 

2 the actions taken to appoint the initial members of 

3 the Board. 

4 SEC. 8. RULES OF CONSTRUCTION. 

5 (a) PRESIDENTIAL SANCTIONS AUTHORITY.—Noth6 ing in this Act may be construed to limit the authority 

7 of the President to designate persons for the imposition 

8 of sanctions pursuant to an Executive order issued under 

9 the International Emergency Economic Powers Act (50 

10 U.S.C. 1701 et seq.) or otherwise pursuant to that Act. 

11 (b) OWNERSHIP OF PROPERTY.—No payment made 

12 pursuant to this Act, including with respect to damaged 

13 or destroyed eligible property, may be construed to trans14 fer ownership of such property. 

15 SEC. 9. DEFINITIONS. 

16 In this Act: 

17 (1) APPROPRIATE CONGRESSIONAL COMMIT18 TEES.—The term ‘‘appropriate congressional com19 mittees’’ means— 

20 (A) the Committee on Foreign Affairs of 

21 the House of Representatives; and 

22 (B) the Committee on Foreign Relations of 

23 the Senate. 

24 (2) AZERBAIJANI SOVEREIGN ASSET.—The 

25 term ‘‘Azerbaijani sovereign asset’’ means any 


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1 funds, property, or interest in property owned or 

2 controlled by— 

3 (A) the Government of Azerbaijan; or 

4 (B) a senior official of Azerbaijan. 

5 (3) ELIGIBLE PERSON.—The term ‘‘eligible per6 son’’ means an individual who— 

7 (A) is an individual displaced from Artsakh 

8 as a result of Azerbaijan’s military offensive in 

9 September 2023; 

10 (B) is residing in— 

11 (i) the United States; or 

12 (ii) Armenia; 

13 (C) is an individual who— 

14 (i) had eligible employment for at 

15 least 30 days from the date of September 

16 19 2023, in a part-time or full-time posi17 tion in Artsakh, and has lost the revenue 

18 from that employment; or 

19 (ii) owns part or all of an eligible 

20 property, including property subject to a 

21 debt or lien held by a financial institution 

22 or other private party; and 

23 (D) has lost revenue from eligible property 

24 and has not received compensation for such lost 


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1 revenue, other than compensation from the 

2 Fund. 

3 (4) ELIGIBLE EMPLOYMENT.—The term ‘‘eligi4 ble employment’’ means a job, either part-time or 

5 full-time, that provided a payment for work per6 formed as a condition of the job, and for which the 

7 employer is no longer in possession of the means to 

8 continue carrying out its government functions or 

9 business operations in Artsakh, including— 

10 (A) all forms of employed work in manu11 facturing, professional services, hospitality in12 dustry, food services, agriculture, and govern13 ment, which resulted in the payment of income 

14 taxes to the Republic of Artsakh; and 

15 (B) all forms of fixed-benefit retirement 

16 pensions, including from previous employment 

17 with the government, military, or private sector 

18 in Artsakh. 

19 (5) ELIGIBLE PROPERTY.—The term ‘‘eligible 

20 property’’ means physical property that was used to 

21 generate revenue in Artsakh prior to September 19, 

22 2023, including the following: 

23 (A) Land used for farming or generating 

24 rental income. 


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1 (B) Buildings used by businesses for man2 ufacturing or other services. 

3 (C) Vehicles used by businesses for trans4 portation of goods or completion of services. 

5 (D) Tools and special equipment used by 

6 businesses for manufacturing or the completion 

7 of services. 

8 (E) Livestock and other animals used by 

9 farmers or businesses. 

10 (6) FINANCIAL INSTITUTION.—The term ‘‘fi11 nancial institution’’ has the meaning given that term 

12 in section 5312 of title 31, Code of Federal Regula13 tions. 

14 (7) IMMEDIATE FAMILY MEMBER.—The term 

15 ‘‘immediate family member’’ means, with respect to 

16 an individual, a spouse, child, parent, or sibling of 

17 such individual. 

18 (8) REVENUE.—The term ‘‘revenue’’ means the 

19 total amount of income generated by the sale of 

20 goods or services. 

21 (9) SENIOR OFFICIAL OF AZERBAIJAN.—The 

22 term ‘‘senior official of Azerbaijan’’ means an indi23 vidual who, at any time between December 1, 2022, 

24 and the date Azerbaijan and Armenia conclude a 

25 peace agreement, has occupied in the Government of 


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1 Azerbaijan one of the following positions or an 

2 equivalent position: 

3 (A) President. 

4 (B) Vice President. 

5 (C) Head of the Administration. 

6 (D) Assistant to the President. 

7 (E) Head of the Secretariat of the First 

8 Vice-President. 

9 (F) Press Secretary of the President. 

10 (G) Chief of the Protocol Service of the 

11 President. 

12 (H) The head of any department. 

13 (I) Plenipotentiary Representative of the 

14 President in the Nakhchivan Autonomous Re15 public. 

16 (J) Special Representative of the President 

17 in the Shusha district. 

18 (K) An officer of the military of Azerbaijan 

19 at the rank of General, Colonel General, or Ad20 miral, or any other military officer implicated in 

21 war crimes against the former residents of 

22 Artsakh. 

23 (L) An official of the Government of Azer24 baijan determined by the Department of State 

25 to have had substantial influence in the planVerDate Sep 11 2014 02:20 Oct 01, 2024 Jkt 049200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\H9666.IH H9666

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1 ning or execution of the attack of September 

2 19, 2023, on the Republic of Artsakh. 

3 (10) UNITED STATES FINANCIAL INSTITU4 TION.—The term ‘‘United States financial institu5 tion’’ has the meaning given that term in section 

6 561.309 of title 15, Code of Federal Regulations. 

Æ 


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