This is a really stupid idea, and like most stupid ideas, it has enthusiastic support in Washington DC.

From Dave DeCamp at

The bipartisan legislation was introduced in both the House and Senate

A bipartisan group of US lawmakers introduced a piece of legislation on Thursday that would give President Biden the power to confiscate frozen Russian Central Bank assets and send them to Ukraine.

The Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act was introduced in both the House and the Senate. According to the House Foreign Affairs Committee, the legislation would “provide additional assistance to Ukraine using assets confiscated from the Central Bank of the Russian Federation and other sovereign assets of the Russian Federation.”

The US Justice Department has authorized the transfer of some private Russian assets to Ukraine, but taking funds from the Russian Central Bank would mark a significant escalation of Washington’s economic war against Moscow. Hundreds of billions of dollars in Russian Central Bank assets have been frozen by the US and its allies.

The legislation would also instruct President Biden to “work with allies and partners to establish an international compensation mechanism to transfer confiscated or frozen Russian sovereign assets to assist Ukraine.” European countries have been discussing the idea of using Russian assets to provide more funds for Ukraine, including investing the assets and sending Kyiv the returns.

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