Washington, DC – At the Munich Security Conference, U.S. Senators Sheldon Whitehouse (D-RI) and Lindsey Graham (R-SC), co-leads of the bipartisan delegation to the Conference, and Jim Risch (R-ID) and Jeanne Shaheen (D-NH), Chairman and Ranking Member of the Senate Foreign Relations Committee, urged the Trump Administration and the Group of Seven (G7) allies to unlock the full value of roughly $300 billion in Russian assets frozen in the West, and repurpose them for transfer to Ukraine.
“Congress passed the bipartisan REPO Act to support Ukraine using frozen Russian sovereign assets parked in American banks. Europe then dedicated the interest on hundreds of billions in frozen Russian assets stowed on the continent to support a $50 billion loan to support Ukraine’s fight.
“After speaking with President Zelenskyy, it’s clear that America and our transatlantic allies must unlock more support for Ukraine, through the actual seizure of the underlying frozen assets or through, for instance, using those assets as collateral for another, larger loan for Ukraine. Vladimir Putin must pay for his brutal invasion, and Russia’s own assets are an appropriate way to give brave Ukraine the support it needs to fend off his murderous aggression.”
Senators Risch and Whitehouse’s bipartisan REPO for Ukrainians Act 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. In October, the Biden administration and G7 allies announced 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, which was disbursed in December at no cost to taxpayers.
Shortly after the Russian invasion in 2022, Whitehouse and Graham partnered with Senator 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 Graham’s 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.
Ranking Member Shaheen has advocated for strong U.S. support for Ukraine in the face of Putin’s unprovoked aggression. As Chair of the Senate Foreign Relations Subcommittee on Europe and Regional Security Cooperation, she spearheaded efforts to hold Russia accountable and bolster Ukraine’s resilience. In 2023, Ranking Member Shaheen cosponsored and voted to advance the bipartisan REPO for Ukrainians Act, which authorizes the seizure and repurposing of Russian sovereign assets to aid Ukraine’s reconstruction. She has also championed legislation to provide military, economic and humanitarian assistance to Ukraine, strengthen NATO’s eastern flank and impose consequences on Russia.
