Oligarch Asset Forfeiture Act
Bill: H.R.7086 | Sponsor: Rep. Cohen, Steve (D-TN)
Policy area: Crime and Law Enforcement

Summary:
Oligarch Asset Forfeiture Act
This bill authorizes the seizure of assets belonging to certain sanctioned individuals (generally, those individuals subject to various sanctions related to activities of Russia) and for such assets to be sold and used to provide assistance to Ukraine.

To amend section 981 of title 18, United States Code, to subject 
 property attributable to certain sanctioned individuals to forfeiture 
                         to the United States.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Oligarch Asset Forfeiture Act''.

SEC. 2. FORFEITURE OF ASSETS.

    Section 981(a)(1)(G) of title 18, United States Code, is amended--
            (1) in clause (iii) by striking ``or'' at the end;
            (2) in clause (iv) by striking the period at the end and 
        inserting ``; or''; and
            (3) by adding at the end the following:
                    ``(v) of any foreign individual or entity 
                beneficially owned by, or attributed to, a foreign 
                individual sanctioned under Executive Order 14024 (86 
                Fed. Reg. 20249; relating to blocking property with 
                respect to specified harmful foreign activities of the 
                Government of the Russian Federation), Executive Order 
                13661 (79 Fed. Reg. 15535; relating to blocking 
                property of additional persons contributing to the 
                situation in Ukraine), Executive Order 13662 (79 Fed. 
                Reg. 16169; relating to blocking property of additional 
                persons contributing to the situation in Ukraine), 
                section 222 of the Countering America's Adversaries 
                Through Sanctions Act (22 U.S.C. 9522), or the Sergei 
                Magnitsky Rule of Law Accountability Act of 2012 (22 
                U.S.C. 5811 note).''.

SEC. 3. EXPIRATION AND USE OF ASSETS.

    (a) Expiration.--
            (1) Certification.--The President shall submit to Congress 
        a certification indicating when the war of aggression initiated 
        by the Russian Federation in February 2022 against Ukraine has 
        concluded, as determined by the President.
            (2) Sunset.--Effective on the date on which the President 
        submits the certification described in paragraph (1), section 
        981(a)(1)(G) of title 18, United States Code, is amended--
                    (A) in clause (iii), by adding ``or'' at the end;
                    (B) in clause (iv), by striking ``; or'' and 
                inserting a period; and
                    (C) by striking clause (v).
    (b) Use of Assets.--The Federal Government--
            (1) may sell an asset seized under clause (v) of section 
        981(a)(1)(G) of title 18, United States Code; and
            (2) notwithstanding section 524(c)(4) of title 28, United 
        States Code, at the discretion of the President, may use the 
        proceeds of the sale of an asset described in paragraph (1) of 
        this subsection--
                    (A) for humanitarian assistance for Ukrainian 
                refugees; or
                    (B) for rebuilding Ukraine once hostilities have 
                ceased.
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