U.S. House Passes REPO Act to Seize $20 Billion in Russian Treasury Assets for Ukraine

Apr 26, 2024, 04:12 AM

The U.S. House of Representatives recently passed the 'REPO Act', authorizing the administration to seize approximately $20 billion in Russian assets, mostly Treasury securities, held in U.S. banks to support Ukraine. This legislative action coincides with a broader U.S. proposal, discussed among G7 officials, to utilize the future interest from about $300 billion in frozen Russian assets for Ukraine's aid, rather than seizing these assets outright. U.S. Treasury Secretary Yellen indicated that this approach might gain broad support among G7 nations. The move has sparked a global debate about the potential de-dollarization due to concerns over asset confiscation among the GOP and around the world.