Oligarch Asset Forfeiture Act

Bill: 117-hr-7086
Sponsor: full_name: Rep. Cohen, Steve [D-TN-9]
Introduced: 2022-03-15
Policy area: Crime and Law Enforcement
Subjects: Civil actions and liability

Conflicts and wars

Congressional oversight

Europe

Foreign aid and international relief

Foreign property

Human rights

Military operations and strategy

Reconstruction and stabilization

Refugees, asylum, displaced persons

Russia

Sanctions

Ukraine
Latest action: action_date: 2022-11-01
text: Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.

Summaries:
action_date: 2022-03-15
action_desc: Introduced in House
text: <p><b>Oligarch Asset Forfeiture Act</b></p> <p>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.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7086 IN THE HOUSE OF REPRESENTATIVES March 15, 2022 Mr. Cohen (for himself, Mr. Wilson of South Carolina , Mr. Malinowski , and Ms. Salazar ) introduced the following bill; which was referred to the Committee on the Judiciary , and in addition to the Committee on Foreign Affairs , 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 amend section 981 of title 18, United States Code, to subject property attributable to certain sanctioned individuals to forfeiture to the United States.

1. Short title This Act may be cited as the Oligarch Asset Forfeiture Act . 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). . 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.