US could soon start transferring part of Russia’s confiscated assets to Ukraine

In the coming months, the U.S. Department of Justice plans to begin transferring part of the confiscated assets of the Russian Federation to Ukraine through the State Department in accordance with the recently adopted law.

“In the future, we're also poised to begin the transfer of forfeited assets for the benefit of Ukraine,” Andrew Adams, director of U.S. Task Force KleptoCapture, said speaking at the Hudson Institute in Washington D.C., an Ukrinform correspondent reported.

He noted that in late December 2022, Congress passed, and the President signed the Consolidated Appropriations Act of 2023, among other things empowering the Justice Department to direct forfeited funds to the State Department for the purpose of providing aid to Ukraine.

As noted, the law doesn't provide a route for the transfer of all forfeited funds that might arise through these efforts, and forfeitures tied to export control violations are not currently included in that new provision,”

“It's not a silver bullet, but it is something that makes me hopeful that we will start to see the first transfers from justice to the State Department occurring in the coming weeks and months, as the first final orders of forfeiture are obtained with respect to certain assets,” Adams said.

He also underscored that these amounts are minuscule compared to the cost of the catastrophe inflicted by Russia on the people in the land of Ukraine. But, according to him, the contribution is important.

As reported, the Biden Administration created the Task Force KleptoCapture at the U.S. Department of Justice in March 2022. Among its main tasks is the imposition of sanctions on Russian oligarchs and the confiscation of their ill-gotten assets in response to Russia's invasion of Ukraine.

Photo: Global Look Press/Michael Weber

ol