Former Ambassador to Russia Michael McFaul discussing why Russian assets in the U.S. need to be used to pay for reconstruction in Ukraine and for supporting its war effort:
"Since the war began, a broad coalition of countries has joined together to confiscate billions in Russian assets. Some of these assets belong to oligarchs who have propped up Putin’s system; by far the largest amount, though, is sitting in frozen accounts held by the Russian Central Bank. These funds amount to some $300 billion, of which the largest share has been seized by the Europeans. These funds should be deployed as soon as possible to help bring the war to an end and finance Ukraine’s reconstruction. [snip]
Seizing assets of the Russian state after Putin invaded and annexed Ukraine sets a positive, deterrent precedent to other world leaders thinking about using military force to annex territory. And we should not want criminals to do their banking in the democratic world.
In one vote on one bill, Congress could approve new U.S. funds for Ukraine and compel the Biden administration to provide new Russian funds, currently frozen in U.S. banks, to Ukraine. While the sum (estimates range from $8 billion to $39 billion) confiscated by the United States is just a fraction of the total currently frozen by the West, U.S. leadership will make it easier for Europeans to follow suit." (our emphasis)
There's no serious case for timidity in redirecting the assets of a war criminal regime to fighting its brutal and illegal war against Ukraine. The Biden Administration needs to summon the resolve to do it.
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