US to begin transferring seized Russian assets to Ukraine in coming months

20 January, 01:55 AM
The US wants to start transferring confiscated Russian assets to Ukraine (Photo:REUTERS/Valentyn Ogirenko)

The US wants to start transferring confiscated Russian assets to Ukraine (Photo:REUTERS/Valentyn Ogirenko)

The U.S. Department of Justice plans to begin the process of transferring confiscated Russian assets to Ukraine in the coming months, the head of U.S. Treasury Department ‘KleptoCapture’ Task Force, Andrew Adams, said on Jan. 19, as reported by Ukrainian news agency Ukrinform.

He recalled that in late December 2022, U.S. President Joe Biden signed the federal government funding bill, which provides the DOJ with the authority to transfer confiscated assets to the State Department, so that they can then be made available to Ukraine.

"This gives us hope that we will see the first transfer (of confiscated assets) from the Justice Department to the State Department in the coming weeks and months," Adams said.

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At the same time, the official clarified that the congressional bill doesn’t apply to all confiscated assets, like the funds seized for export control violations, for example.

He added that the amounts are incomparably small compared to the damage caused to Ukraine by Russia.

U.S. Treasury Secretary Janet Yellen previously said that confiscating nearly $300 billion of frozen reserves of Russian Central Bank would require a special legal framework, which is not in place yet.

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