REPO Act Passage Has Authorized Biden To Confiscate Russian Assets & Transfer To Ukraine

When the House voted to pass Biden’s long sought after foreign aid package Saturday, which will deliver over $60 billion to Ukraine, included in this was passage of the REPO Act, which paves the way for the Biden administration confiscate billions in Russian sovereign assets which sit in US banks.

The US administration has been pursuing a controversial plan to transfer frozen Russian assets to Ukraine for reconstruction, and has been aggressively lobbying G7 countries to jump on board, also given most of the $300 billion in Russian assets are held in Europe – particularly France, Germany, and Belgium.

A summary of the REPO Act – H.R.4175 – on the Congressional website, reads: “This bill requires or authorizes various actions related to the confiscation and disposition of Russian sovereign assets (which include funds and other property of Russia’s central bank, direct investment fund, or ministry of finance).”