Nab Russian oligarchs’ assets to give to Ukraine, says Sen. Schumer

The U.S. should boost efforts to confiscate the assets of Russian oligarchs and send the proceeds to Ukraine, Senate Majority Leader Chuck Schumer said Sunday.

The New York Democrat said he wants to add legislative language for a crackdown on oligarchs to the $33 billion aid package for Ukraine that Congress is considering this month.

“It’s time for sanctioned Russian oligarchs to be held accountable for the ill-gotten wealth that they have received and to give the money to the Ukrainian people and the Ukrainian government that desperately need it,” Schumer said.

The federal Justice and Treasury departments should create a new, streamlined process to go after oligarchs’ assets like mansions and yachts, he said.

Ultra-wealthy Russians linked to Russian President Vladimir Putin have hidden their property behind shell companies, making it hard for authorities to act on sanctions imposed since Russia invaded Ukraine on Feb. 24, Politico reported.

Schumer said his legislation would give the Justice Department “the authority and the resources to pierce those shells.”

He said he also wants to create a new law making it illegal “for any person to knowingly or intentionally possess proceeds directly obtained from corrupt dealings with the Russian government.”

The proceeds from assets seized from oligarchs should be turned over to Ukraine “to remediate harms of Russian aggression,” he said.

After Russia invaded Ukraine, the U.S. and many other countries imposed severe sanctions on Putin and his allies, Russian banks and other businesses.

Last week, President Biden asked Congress for the $33 billion in additional military and humanitarian aid for Ukraine.

“We need all the assets we can put together to give Ukraine the aid it needs,” Schumer said.

“There’s no reason that Putin’s viciousness and these ill-gotten gains should just stay the way they are when Ukraine desperately needs the money.”