HEARING NOTICE – Making Russia Pay: Sovereign Asset Confiscation for Ukrainian Victory
Wednesday, December 6th
2:00-3:30 PM
Dirksen Senate Office Building 608
Stream live here: https://youtube.com/live/9X0Ip2wjogs
In response to Russia’s invasion of Ukraine, the United States and its partners and allies have frozen an estimated $350 billion in Russian reserves held abroad. Members of Congress – including members of the Commission on Security and Cooperation in Europe (CSCE) – and experts have advocated for governments to confiscate and repurpose these funds to support Ukraine’s defense and reconstruction.
Most recently, CSCE Chairman Representative Joe Wilson (SC-02), Ranking Member Representative Steve Cohen (TN-09), and Ranking Member Senator Roger Wicker (MS) were joined by Commissioners Representative Marc Veasey (TX-33), Representative Michael Lawler (NY-17), Senator Sheldon Whitehouse (RI), and Senator Richard Blumenthal (CT) in co-sponsoring the Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act in the House and Senate. This bicameral, bipartisan legislation, which would authorize the Secretary of State to provide assistance to Ukraine using confiscated Russian assets, was passed by the House Foreign Affairs Committee and currently awaits votes in the House and Senate.
This hearing will explore proposals to repurpose these Russian funds and how best they could be used to support Ukraine’s self-defense and rebuilding efforts. Experts will address the potential financial and economic consequences of doing so and the permissibility of this approach under international law.
The following witnesses are scheduled to testify:
Panel 1:
- Andriy Kostin, Prosecutor General of Ukraine
Panel 2:
- Ambassador Daniel Fried, Weiser Family Distinguished Fellow at the Atlantic Council
- Paul Reichler, International Law Attorney, 11KBW
- Yuliya M. Ziskina, Senior Legal Fellow, Razom for Ukraine
Remarks by Ruslan Stefanchuk, Chairman of the Verkhovna Rada of Ukraine
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