US President Biden will seek powers to use the assets of Russian oligarchs for the benefit of the Ukrainian people
On Thursday, US President Joe Biden will ask Congress for additional powers to confiscate the assets of Russian oligarchs and use them to benefit Ukraine, as the former Soviet state has been devastated by the Russian onslaught. According to reports from AP News, it was announced earlier today that Biden was ready to ask Congress to authorize the federal government to use the money from assets seized from sanctioned Russian oligarchs to help the people of Ukraine.
It comes as Ukrainian President Volodymyr Zelenskyy delivered a virtual address to the heads of the International Monetary Fund (IMF) and World Bank last week, urging them to repay Ukraine for its losses using revenue from sanctioned assets. by Russia. He also said that Russian assets that have been frozen must be used to rebuild Ukraine after the war, as well as to compensate other nations for their damages. At the time, Treasury Secretary Janet Yellen said such moves would require congressional authorization.
Hundreds of Russian officials have been sanctioned by the United States and its allies
Hundreds of Russian officials implicated in or suspected of supporting the Russian invasion of Ukraine have been sanctioned by the United States and its allies in recent weeks. The White House has said it will be more difficult to avoid sanctions against Russia, which will have a greater impact on the Russian economy and “ruling elite”. The White House also suggests that Biden will also ask Congress for new powers to step up US sanctions against the Russian government and anyone who benefits from it. The US president wants lawmakers to make it illegal to knowingly or intentionally acquire funds directly from transactions with the Russian government.
The war has already cost more than $60 billion in damage to buildings and infrastructure
Last Monday, World Bank President David Malpass said the war had already cost more than $60 billion in damage to buildings and infrastructure, according to PA News. Furthermore, current global economic projections from the International Monetary Fund suggest that Ukraine’s economy will shrink by 35% this year and next. Meanwhile, the IMF has said it supports Ukraine’s goal of rapid economic recovery, especially in areas where active military operations are not taking place, and is willing to seek ways to help the war-torn country financially.
(AP News Contributors)
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