Corker Statement on Committee Passage of Ukraine Aid and Sanctions Legislation
WASHINGTON – U.S. Senator Bob Corker, (R-Tenn.), ranking member of the Senate Foreign Relations Committee, today made the following statement regarding the committee’s passage of bipartisan legislation in response to the crisis in Ukraine. The bill, which passed 14-3, will support Ukraine’s political and economic transition without adding to the debt and impose sanctions on those who threaten Ukraine’s sovereignty and territorial integrity.
“This bill cements more fully 60 years of U.S. national interests to ensure Europe remains democratic, whole and free. I believe we’re at a defining moment right now, where our friends and allies are watching to see if we’re going to do those things that are appropriate to protect Ukraine’s sovereignty, and I think this bill absolutely meets that test,” said Corker.
The bill also implements reforms regarding U.S. participation in the International Monetary Fund that will help facilitate financial support for Ukraine without increasing U.S. financial commitments at the IMF.
“Our nation agreed to these reforms in 2010, and the crisis occurring in Ukraine is a perfect example for why we need the IMF to help Ukraine’s democratic and economic transition,” said Corker. “This measure will help ensure developing economies have a bigger share in the costs and responsibilities, so the U.S. isn’t bearing the heaviest burden when a crisis hits.”
The Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine Act of 2014, which relies on appropriated funds within existing restraints on federal spending, includes the following provisions:
Loan guarantees: Authorizes the State Department to provide funds for the purpose of loan guarantees for Ukraine.
Asset recovery from corrupt Ukrainian officials: Requires the State Department and Justice Department to assist the Ukrainian government in the recovery of assets amassed by corruption Ukrainian officials, including former President Viktor Yanukovych.
Democracy and governance assistance: Authorizes $50 million for the purpose of technical, democracy, and civil society assistance for Ukraine and other Eastern Partnership countries.
Enhanced security cooperation with Ukraine and Europe: Directs the president and authorizes up to $100 million over FY 2015-2017 to provide security assistance for Ukraine and other countries in Central and Eastern Europe.
Sanctions for threats to Ukraine: Imposes mandatory sanctions, including visa bans and asset freezes, against persons determined to have engaged in violence or serious human rights abuses in Ukraine, activities undermining the sovereignty and territorial integrity of Ukraine, including economic extortion, and on Russian officials and their associates that are responsible for or involved in significant corruption in Ukraine. Also provides for the imposition of additional sanctions on Russian officials and their associates that are responsible for or involved in significant corruption in Russia.
IMF reform: Authorizes quota reforms in the IMF that help maintain American influence in the Fund and its veto power. The budgetary impact of this provision is fully offset with current year spending.