U.S. Senators Michael Bennet and Rob Portman are introducing a bill to repurpose funds from seized Russian assets for a relief fund benefitting Ukrainian refugees and Ukraine's reconstruction, Axios has learned.
The bipartisan effort is another sign Congress is keeping close tabs on the blizzard of sanctions imposed on Russia by the Biden administration. In this case, it's also taking the next step to clarify who should benefit and how.
The bipartisan bill, dubbed the RELIEF for Ukraine Act, stands for Repurposing Elite Luxuries into Emergency Funds. It would direct money from liquidation of assets seized by the new Department of Justice KleptoCapture task force into a Ukrainian relief fund. That, in turn, would be used to support Ukrainian refugees, Ukraine’s reconstruction and other efforts.
"One way to help is to move from freezing the assets of Russian oligarchs and wealthy citizens to seizing their assets, and providing that funding to people of Ukraine to help with ongoing humanitarian efforts," said Portman, the ranking member of the Senate Homeland Security Committee.
