WASHINGTON—Today, Helsinki Commission Chairman Rep. Joe Wilson (SC-02) and Ranking Member Rep. Steve Cohen (TN-09), original co-sponsors of the Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act in the House, issued the following statement about the Biden administration’s decision to provide $20 billion in loans to Ukraine that will be paid back by the interest earned from immobilized Russian sovereign assets:
“We welcome the Biden administration’s decision to provide Ukraine with $20 billion in seized Russian sovereign assets. This is an important first step in making Russia pay for the death and devastation they have caused throughout Ukraine. However, it is not enough. We must work with our allies to ensure that all $350 billion of frozen Russian assets held abroad are confiscated and repurposed to support Ukrainian efforts to defend their territory and rebuild their country, as authorized by Congress.”
In November 2023, Chairman Wilson and Ranking Member Steve Cohen, together with Chairman Michael McCaul, Rep. Marcy Kaptur, and Senators Sheldon Whitehouse and Jim Risch, introduced the bipartisan, bicameral REPO for Ukrainians Act to authorize the Secretary of State to provide assistance to Ukraine using confiscated Russian assets. Both Chairman Wilson and Ranking Member Cohen have been outspoken about the need to repurpose frozen Russian assets for Ukraine’s reconstruction efforts. In November 2023, the Helsinki Commission hosted a hearing entitled, “Making Russia Pay: Sovereign Asset Confiscation for Ukrainian Victory,” which explored proposals to repurpose these Russian funds and how best they could be used to support Ukraine’s self-defense and rebuilding efforts.
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