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Biden proposes using seized Russian oligarch assets to compensate Ukraine

US President Joe Biden speaks at Seward Park on Earth Day, April 22, 2022, in Seattle. (AP Photo/Andrew Harnik)
US President Joe Biden speaks at Seward Park on Earth Day, April 22, 2022, in Seattle. (AP Photo/Andrew Harnik)

The White House has proposed using assets seized from Russian oligarchs to compensate Ukraine for damage caused by Moscow’s invasion of the country.

This would enable the “transfer of the proceeds of forfeited kleptocratic property to Ukraine to remediate harms of Russian aggression,” the White House says in a statement.

The compensation idea is part of new proposed rules ratcheting up economic punishment on the Kremlin, two months after it invaded its neighbor in an attempt to topple the government and seize territory.

US President Joe Biden is set to announce the proposed legislation alongside his request to increase funding by Congress for Ukraine’s military later today.

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