Make Putin Pay Act

Bill: 118-hr-5925
Sponsor: full_name: Rep. McCormick, Richard [R-GA-6]
Introduced: 2023-10-11
Policy area: International Affairs
Latest action: action_date: 2023-10-25
text: Referred to the House Committee on Foreign Affairs.

Summaries:
action_date: 2023-10-11
action_desc: Introduced in House
text: <p><strong>Make Putin Pay Act</strong></p><p>This bill authorizes the Department of the Treasury to seize and confiscate assets subject to the jurisdiction of the United States that are (1) blocked due to the imposition of sanctions on persons linked to Russian President Putin, or (2) Russian sovereign assets or owned by the Russian central bank. Proceeds from the sale of seized or confiscated assets will be made available to reimburse the United States for expenses related to the Russia-Ukraine conflict.</p><p>Treasury must periodically report to Congress on the amount of proceeds obtained from the sale of seized and confiscated assets.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 5925 IN THE HOUSE OF REPRESENTATIVES October 11, 2023 Mr. McCormick introduced the following bill October 25, 2023 Referred to the Committee on Foreign Affairs A BILL To authorize the seizure of the property of certain sanctioned individuals for purposes of covering expenses relating to the Ukraine-Russia conflict, and for other purposes.

1. Short title This Act may be cited as the Make Putin Pay Act . 2. Findings Congress finds the following: (1) On February 24th, 2022, Russian dictator Vladimir Putin launched an illegal, inhumane invasion of Ukraine in clear violation of international law. (2) If Putin’s illegal invasion were to have been successful, it would be devastating to the post-Cold War world and encourage other totalitarian nations such as China and Iran to act more aggressively. (3) United States support for Ukraine has been crucial in deterring Russian aggression. As of July of 2023, the Russian military has lost over 200,000 military personnel, more than 1,200 cruise missiles, over 7,000 vehicles and fuel tanks, and more than 4,000 tanks. (4) Since the beginning of the Russian invasion, the United States support to Ukraine has totaled over $113,000,000,000. (5) The United States and allies have seized approximately $330,000,000,000 in funds related to Russian oligarchs or the Moscow bank. Any of these assets subject to the jurisdiction of the United States Government should be seized and used to reimburse the United States, pay for additional equipment and humanitarian assistance given to Ukraine and pay for reconstruction efforts after the conclusion of the war. (6) Resolution 486 adopted by the NATO Parliamentary Assembly on Monday, October 9th, 2023, urges governments to ensure that Russia is held accountable for its crime of aggression its war crimes including crimes against humanity and reported acts of genocide committed in Ukraine, and the horrific and unjustified damages it has wrought, and that it helps fund reconstruction, in part, through seized and frozen Russian assets as much as it is possible under the law, and encourages all states to develop such a framework. . (7) For the survival of Western civilization, the United States must continue to face authoritarian regimes head-on. The United States must continue to support Ukraine in a responsible and effective manner. 3. Authorization for seizure of assets (a) In general Notwithstanding any other provision of law, the President, acting through the Secretary of the Treasury, is authorized to seize and confiscate all assets subject to the jurisdiction of the United States that are— (1) blocked pursuant to sanctions imposed with respect to foreign persons that derive wealth through political support for or corruption linked to Russian President Vladimir Putin; or (2) sovereign assets of the Government of the Russian Federation or owned by the Central Bank of such country. (b) Disposition of proceeds from sale of assets The proceeds from the sale of any asset seized or confiscated pursuant to the authority provided by subsection (a) before the date described in subsection (c)(1)— (1) shall first be made available, without subsequent appropriation, to reimburse the United States for expenses incurred during the period beginning on February 24, 2022, in connection with the Ukraine-Russia conflict; and (2) to the extent such proceeds exceed the total expenses described in paragraph (1), are authorized to be made available, only for expenses incurred on or after such date of enactment in connection with such conflict. (c) Report Not later than 180 days after the date of the enactment of this Act, and every 180 days thereafter, the Secretary of the Treasury shall submit to the Committee on Foreign Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate a report that specifies the amount remaining of the proceeds described in subsection (b) as of the date of the submission of the report and itemizes each expenditure of such proceeds as of such date of submission. (d) Rule of construction Nothing in this Act may be construed to authorize the imposition of sanctions or to alter or affect any existing authority to impose sanctions that is in effect on the date of the enactment of this Act.