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Act to Seize Russian Assets for Ukraine Aid

This act allows the U.S. government to seize assets of individuals and entities linked to the Russian government that have been sanctioned. Funds from these seizures are intended to cover U.S. support costs for Ukraine and assist in the country's reconstruction. U.S. citizens are not directly affected by this act, but it may influence international relations and economic stability.
Key points
The U.S. government can seize frozen assets of Russian oligarchs and Russia's central bank.
Proceeds from seized assets will reimburse U.S. expenses for Ukraine support, humanitarian aid, and reconstruction.
The act mandates regular reports on the use of these funds, increasing expenditure transparency.
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Additional Information
Print number: 118_HR_5925
Sponsor: Rep. McCormick, Richard [R-GA-6]
Process start date: 2023-10-25