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U.S. Passes REPO Act, Risking International Tension with $6 Billion Russian Asset Transfer

Apr 22, 2024, 12:02 PM

The U.S. House of Representatives recently passed the REPO Act, which authorizes the President to confiscate $6 billion in frozen Russian assets in the US and transfer them to Ukraine for reconstruction. This decision has sparked significant international tension, with Russian officials, including State Duma Speaker Vyacheslav Volodin, warning that Russia may retaliate by confiscating Western assets. The Kremlin has criticized the move as a dangerous precedent and an encroachment on property rights. The total Russian assets frozen globally amount to approximately $300 billion across US, European, and Japanese banks, with an additional $250 billion seized in the EU.