Biden Seeks New Powers To Use Oligarchs' Assets For Ukraine
Newsy
Biden will also seek new authorities from Congress to strengthen U.S. sanctions against the Russian government and those who profit from it.
President Joe Biden is asking Congress on Thursday for new powers to seize and repurpose the assets of Russian oligarchs as part of a new funding request to aid Ukraine in its defense against Russia's invasion.
In remarks at the White House on Thursday morning, President Biden will formally ask for billions of dollars in additional U.S. spending earmarked for supplying Ukraine's military, bolstering its economy and supporting the millions of refugees who fled Russia's invasion two months ago. He will also seek new authorities from Congress to strengthen U.S. sanctions against the Russian government and those who profit from it, the White House said.
President Biden is asking lawmakers to make it a criminal offense for a person to "knowingly or intentionally possess proceeds directly obtained from corrupt dealings with the Russian government," double the statute of limitations for foreign money laundering offenses to 10 years, and expand the definition of "racketeering" under U.S. law to include efforts to evade sanctions.
