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Risch, McCaul, Kaptur, Whitehouse Call on G7 Partners to Seize all Frozen Russian Sovereign Assets

WASHINGTON – U.S. Senators Jim Risch (R-Idaho), ranking member of the Senate Foreign Relations Committee, and Sheldon Whitehouse (D-R.I.), along with U.S. Representatives Michael McCaul (R-Texas), chairman of the House Foreign Affairs Committee, and Marcy Kaptur (D-Ohio), today issued the following statement advocating for the full seizure and transfer to Ukraine of all frozen Russian sovereign assets in the United States and other G7 countries. Their statement comes in response to an announced agreement by G7 leaders to partially leverage these assets to provide limited support to Ukraine.

"As proud sponsors of the REPO Act, we are pleased to see the G7 begin to leverage Russian sovereign assets to support Ukraine as it defends itself from Putin’s unprovoked war of aggression," the lawmakers wrote. "We appreciate the persistent efforts of G7 leaders to find creative mechanisms to mobilize the value of these assets. However, we view today’s announcement as just the first step in the right direction, not the final verdict, on how to utilize the Kremlin’s ill-gotten gains that are currently frozen by the United States and our G7 partners.

"While meaningful, today’s decision will generate a fraction of what could be provided to Ukraine from a full seizure of all frozen Russian sovereign assets in G7 countries, as envisioned by the REPO Act. We believe that Putin and his cronies should never again have access to these assets and that Ukraine should be allowed to use them to emerge victorious against Russia’s aggression. As such, we urge the Biden administration to strongly advocate with our G7 partners for a full seizure and transfer of all frozen Russian sovereign assets in our jurisdictions."