Bennet Welcomes President Biden’s Support to Direct Funds from Seized Russian Assets to Ukraine

Senators Bennet and Portman Introduced A Bipartisan Bill in March to Hold Russian Oligarchs Accountable for Enabling the War by Directing Funds from Their Seized Assets into New Ukraine Relief Fund

Washington, D.C. – Today, Colorado U.S. Senator Michael Bennet welcomed President Joe Biden’s support for Congressional efforts to direct funds from seized Russian assets to Ukraine — an idea Bennet and U.S. Senator Rob Portman (R-Ohio) proposed this March in the bipartisan RELIEF for Ukraine Act. Attorney General Merrick Garland expressed support for this effort earlier in the week.

“We must hold Russian oligarchs accountable for enabling Putin's egregious, lawless war,” said Bennet. “My bipartisan bill with Senator Portman would direct funds from seized Russian assets to support Ukrainian refugees, reconstruction, and recovery. I look forward to working with President Biden, Attorney General Garland, and my Senate colleagues to get this done for the Ukrainian people, who have inspired the world with their resilience and resolute defense of democracy.”

The RELIEF for Ukraine Act requires the Department of Justice to allocate funds from the disposal of seized Russian into a new Ukraine Relief Fund, which will be administered by the Department of State in consultation with the U.S. Agency for International Development. The Fund would be used to support the safety, health, and wellbeing of Ukrainian refugees, along with the general reconstruction and recovery of Ukraine in areas not controlled by the Russian Federation.

The bill text is available HERE. A one-page summary of the bill is available HERE.