Bipartisan Legislation Could Transfer Frozen Russian Assets to Fund Ukrainian Recovery

The Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act has regained traction as a bipartisan group of four new senators signed on to the bill this past week.

The REPO for Ukrainians Act is designed to boost Ukraine’s war recovery efforts by transferring Russian assets confiscated by the US to Ukraine. 

Russia invaded Ukraine in February 2022. 

The act justifies the move by claiming that Russia has committed an act of aggression against Ukraine and must therefore compensate Ukraine for any damages caused.

According to the act, under international law, “a country that is responsible for an internationally wrongful act is under an obligation to compensate for the damage it has caused.”

The REPO for Ukrainians Act also includes repurposing Russian assets frozen by G7 members and other countries holding Russian sovereign assets. 

In October 2023, Statista reported Russia had about 563 billion U.S. dollars in international reserves, with roughly 30% of those being controlled by the US and its allies. 

If the REPO for Ukrainians Act becomes law, such funds could be used to support Ukraine’s recovery efforts without taking a toll on American taxpayers. 

Senator Rick Scott (R-Fl) was one of the latest senators to support the REPO for Ukrainians act. 

Senator Scott also announced a bipartisan resolution to commend Taiwan’s commitment to democratic elections in the face of Chinese Communist Party (CCP) opposition. 

Taiwan, officially known as the Republic of China (ROC), held its first presidential election in 1996 and has successfully executed numerous democratic transitions of power since then. 

“The Senate commends Taiwan for the example it has set for self-governance, not just for the Pacific region, but for the world,” reads the resolution. 

Taiwan’s next presidential election will be held this Saturday, January 13th. 

The US and its allies have expressed concern at potential CCP intervention in the Taiwanese elections. 

The US is “committed to supporting Taiwan’s self-defense and the liberty of its people through effective deterrence using all elements of United States power,” warn the resolution’s authors.