Whitehouse’s bipartisan REPO for Ukrainians Act prompted this use of frozen Russian sovereign assets to assist Ukraine’s reconstruction
Washington, DC – U.S. Senator Sheldon Whitehouse (D-RI), a leading Senate champion for Ukrainian victory against Russia’s brutal and illegal invasion, applauded the United States’ disbursement of a $20 billion loan for Ukraine. The disbursement follows an October announcement by the Biden-Harris administration and the United States’ Group of Seven (G7) allies of a collective $50 billion loan to Ukraine, to be repaid with funds generated by Russia’s frozen sovereign assets. The United States contributed $20 billion of the $50 billion loan, from Russia’s proceeds, at no cost to taxpayers.
The loan was made possible by Senators Whitehouse and Jim Risch’s (R-ID) bipartisan REPO for Ukrainians Act that passed into law in April 2024. The law allows frozen sovereign assets of the Russian Federation to be used, including through seizure, for rebuilding Ukraine. This announcement leaves open the future seizure of roughly $300 billion in Russian assets frozen within the jurisdiction of the United States and its G7 allies.
“I applaud the Biden-Harris administration’s swift action to disburse the proceeds of the Putin regime’s frozen funds to support our Ukrainian allies, and thank Secretary Yellen for her early and pivotal support. This historic step – made possible by our bipartisan REPO for Ukrainians Act – will help ensure Ukraine has the resources needed to defend and rebuild itself,” said Whitehouse.
“I encourage President Biden and our allies to now negotiate seizing and transferring to Ukraine the full underlying $300 billion in Russian sovereign assets,” added Whitehouse.
Whitehouse is one of the leading champions in the Senate for Ukrainian victory. Shortly after the Russian invasion in 2022, Whitehouse partnered with Senators Lindsey Graham (R-SC) and Richard Blumenthal (D-CT) to establish the informal Ukraine Victory Caucus, and engaged in a colloquy on the Senate floor focused on the need for the U.S. and its allies to recognize that Ukrainian victory was possible.
Whitehouse and Senator Lindsey Graham’s (R-SC) bipartisan, bicameral Asset Seizure for Ukraine Reconstruction Act would aid Ukraine by allowing the U.S. government to more quickly seize and transfer private assets owned by sanctioned Russian oligarchs and others that aid the Russian government in violation of U.S. laws. The measure would also clarify that the U.S. government can transfer to Ukraine all the funds it acquires through seizure of Russian oligarch assets. In late 2022, Whitehouse and Graham passed bipartisan legislation into law to allow for the first time the transfer of seized assets of Russian President Vladimir Putin and his corrupt oligarchs to help pay for the reconstruction of Ukraine.
