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 compensa-
tion 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 Com-
mittee on Foreign Affairs, and in addition to the Committee on the Judi-
ciary, 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Artsakh Revenue Re-
covery Act of 2024’’. 
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SEC. 2. FINDINGS. 
Congress finds the following: 
(1) Between September 19 and 20, 2023, the 
Republic of Azerbaijan launched an unprovoked mili-
tary assault on the Republic of Artsakh, also known 
as Nagorno-Karabakh. The massive invasion was 
preceded by a year-long blockade of the region, 
which created the conditions for a humanitarian cri-
sis even before the military assault. The blockade 
and the military invasion of Artsakh resulted in over 
120,000 Armenians displaced from their homes, 
forcing them to seek refuge in neighboring Republic 
of Armenia. 
(2) Azerbaijan’s military offensive into Artsakh 
has been described as the ethnic cleansing of all Ar-
menians from the area in violation of the United 
Nations International Convention on the Elimination 
of All Forms of Racial Discrimination. 
(3) The Armenians, forcibly displaced from 
Artsakh, lost their jobs and were separated from 
their property, consisting of 14,772 businesses, 
142,000 acres of farmland, and 2,729 commerical 
vehicles. 
(4) The jobs and property previously provided 
a source of revenue for the Armenians who lived in 
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Artsakh, a means to support a livelihood and the 
well-being of families with dignity and respect. 
(5) The annual gross domestic product (GDP) 
from 
Artsakh 
in 
2022 
was 
approximately 
$628,705,000. 
(6) While this property continues to be owned 
by the Armenians who were forced to leave Artsakh, 
it is not under their direct control and, therefore, is 
not providing the previously generated source of rev-
enue to its owners. 
(7) The displaced Armenians from Artsakh who 
are now refugees in Armenia under Temporary Pro-
tected Status have limited ability to earn a living 
wage for themselves and their families. The Govern-
ment of Armenia is providing financial assistance to 
these refugees. However, this financial assistance is 
insufficient to satisfy the rising cost of housing and 
other basic needs. 
(8) The State Oil Fund of the Republic of 
Azerbaijan, a sovereign wealth fund, has an invest-
ment portfolio of over $57,000,000,000, of which 
$32,100,000,000 is in United States dollar-denomi-
nated investments. 
SEC. 3. SENSE OF CONGRESS. 
It is the sense of Congress that— 
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(1) Azerbaijan committed acts of unprovoked 
aggression when it implemented a blockade against 
Artsakh in December 2022 and then executed a full- 
scale military assault in September 2023, acts which 
were violations of international law and gross viola-
tions of the human rights of the Armenians residing 
in Artsakh; 
(2) as a result of Azerbaijan’s aggression, Ar-
menians were forcibly displaced from Artsakh, leav-
ing behind their jobs, businesses, and property that 
had previously generated revenue and livelihoods, 
which the Armenians have been unable to recover 
since; 
(3) the Government of Azerbaijan should bear 
the full responsibility and liability for the damages 
caused by the military assault into Artsakh, which 
includes the loss of revenue from jobs, businesses, 
and property; 
(4) the Government of Azerbaijan must honor 
the rights to the property of all displaced Armenians 
from Artsakh and the right for these owners to re-
claim their property at an appropriate time following 
the implementation of a peace agreement between 
Azerbaijan and Armenia; 
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(5) until such time that the property owners ei-
ther return to Artsakh to reclaim their property or 
dispose of their property through fair market and le-
gally sufficient means, the Government of Azer-
baijan should be responsible for compensating all 
displaced Armenians from Artsakh due to their lost 
revenue; 
(6) if Azerbaijan refuses to pay compensation 
for lost revenue, a funding mechanism should be es-
tablished by the President, which would seize and 
then transfer Azerbaijan’s sovereign assets in the 
United States for the purpose of paying compensa-
tion for lost revenue to the victims of Azerbaijan’s 
aggression; and 
(7) the Government of Azerbaijan should settle 
to the satisfaction and agreement of property owners 
the irrevocable damage to property in Artsakh, 
which prohibits the future use of the property as a 
source of generating revenue or for personal recre-
ation, as the result of Azerbaijan’s military assault. 
SEC. 4. SANCTIONS WITH RESPECT TO THE REPUBLIC OF 
AZERBAIJAN. 
(a) AZERBAIJANI ASSETS REPORT REQUIREMENT.— 
Not later than 60 days after the date of the enactment 
of this Act, the President shall require any United States 
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financial institution holding an Azerbaijani sovereign asset 
to promptly provide notice of such asset to the Director 
of the Office of Foreign Assets Control of the Department 
of the Treasury. 
(b) SANCTIONS.— 
(1) ASSET BLOCKING.—Not later than 60 days 
after the date of enactment of this Act, and notwith-
standing the requirements of section 202 of the 
International Emergency Economic Powers Act (50 
U.S.C. 1701), the President shall exercise all powers 
granted to the President by that Act to block and 
prohibit all transactions in all Azerbaijani sovereign 
assets if such assets are in the United States, come 
within the United States, or are or come within the 
possession or control of a United States person. 
(2) ASSET SEIZURE.—Not later than 90 days 
after the President blocks and prohibits transactions 
under paragraph (1), the President shall seize any 
Azerbaijani sovereign assets described in such para-
graph. 
(3) VISAS AND ADMISSION.— 
(A) IN GENERAL.—The President may, in 
accordance with section 212(f) of the Immigra-
tion and Nationality Act (8 U.S.C. 1182(f)), 
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deny to any senior official of Azerbaijan or im-
mediate family member of such official— 
(i) a visa or other documentation to 
enter the United States; and 
(ii) admission into the United States. 
(B) PUBLIC AVAILABILITY.—The Secretary 
of State shall make publicly available on the 
website of the Department of State the name of 
each individual denied admission into the 
United States pursuant to subparagraph (A). 
(c) WAIVER.—The President may, on a case-by-case 
basis, waive the application of sanctions under subsection 
(b) with respect to the Government of Azerbaijan or a sen-
ior official of Azerbaijan if, prior to the application and 
enforcement of such sanctions— 
(1) the President submits to the appropriate 
congressional committees a request for such waiver; 
and 
(2) after the date of the enactment of this Act, 
a law is enacted specifically approving such waiver. 
(d) TERMINATION.—The requirement to impose 
sanctions under subsection (b) shall terminate when each 
of the following has occurred: 
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(1) Not less than 90 days have passed since the 
date Azerbaijan and the Republic of Armenia have 
concluded a peace agreement. 
(2) Azerbaijan and Armenia have begun imple-
menting such agreement. 
(3) Each eligible person that has submitted an 
eligible claim for which an amount has been deter-
mined under section 6(a)(3) has been paid such 
amount by the Government of Azerbaijan or the 
Artsakh Revenue Recovery Fund established under 
section 5. 
SEC. 5. ESTABLISHMENT OF THE ARTSAKH REVENUE RE-
COVERY FUND. 
(a) IN GENERAL.—Not later than 180 days after the 
date of the enactment of this Act, the President shall es-
tablish an account, to be known as the ‘‘Artsakh Revenue 
Recovery Fund’’ (in this Act referred to as the ‘‘Fund’’), 
to consist of the funds deposited into the account under 
subsection (d) and any amounts appropriated pursuant to 
the authorization of appropriations under subsection (f). 
(b) PURPOSE.—The purpose of the Fund is to receive 
assets seized pursuant to section 4(b)(2) and to provide 
compensation for lost revenue from eligible property to 
certain Armenians displaced from Artsakh in the absence 
of such compensation from the Government of Azerbaijan. 
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(c) BOARD OF DIRECTORS.— 
(1) ESTABLISHMENT.—The Secretary of State 
shall establish a board of directors to manage the 
Fund (in this Act referred to as the ‘‘Board’’). 
(2) COMPOSITION.—The Board shall be com-
posed of citizens of the United States and include 
citizens of Armenia. 
(d) LIQUIDATION
AND DEPOSIT.—The President 
shall— 
(1) not later than 90 days after seizing Azer-
baijani sovereign assets that are funds under section 
4(b)(2), deposit such funds into the Fund; and 
(2) not later than 180 days after seizing Azer-
baijani sovereign assets that are property under sec-
tion 4(b)(2)— 
(A) liquidate or sell such property; and 
(B) deposit the funds resulting from such 
liquidation or sale, less any costs incurred by 
such liquidation or sale, into the Fund. 
(e) USE OF SEIZED PROPERTY.—Subject to sub-
section (g), amounts in the Fund shall be available, with-
out subsequent appropriation, to be used only— 
(1) to make payments to eligible persons for 
revenue lost during the period beginning on Sep-
tember 19, 2023, and ending on the date that is 90 
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