Grassley, Cornyn, Colleagues Work to Strengthen Ukraine’s Defense Arsenal Using Seized Russian Sovereign Assets

Grassley, Cornyn, Colleagues Work to Strengthen Ukraine's Defense Arsenal Using Seized Russian Sovereign Assets

No taxpayer money flows to Ukraine under the legislation

WASHINGTON - Sens. Chuck Grassley (R-Iowa) and John Cornyn (R-Texas) introduced the Seized Assets for Battlefield Equipment and Readiness (SABER) Act to support Ukraine against Vladimir Putin's invasion. The legislation would allow Ukraine to use assets confiscated from the Central Bank of the Russian Federation and other Russian sovereign assets to purchase military equipment in their fight against Putin's war machine.

"Putin's unprovoked invasion of Ukraine sparked the largest land war in Europe since World War II, and the United States must do our part to stand with our Ukrainian allies. Our bipartisan legislation assists Ukraine as they continue to defend against Putin's unrelenting attacks. Importantly, this support for Ukraine comes at no cost to the American taxpayer," Grassley said.

"The REPO Act laid important groundwork for seizing and repurposing billions of dollars in frozen Russian assets to help the Ukrainian people defend their own sovereignty after Russia's unprovoked invasion of Ukraine. By extending the law's permissible use of funds to replenish Ukraine's arsenal, this legislation would go one step further to helping our ally defend against Russian aggression and force Putin to foot the bill for arming Ukraine," Cornyn said.

In addition to Grassley and Cornyn, the legislation is cosponsored by Sens. Chris Coons (D-Del.), Roger Wicker (R-Miss.), Tim Kaine (D-Va.) and Sheldon Whitehouse (D-R.I.). Rep. Joe Wilson (R-S.C.) is leading companion legislation in the House of Representatives.

Background:

The Rebuilding Economic Prosperity and Opportunity for Ukrainians (REPO) Act, now law, currently permits frozen Russian sovereign assets under U.S. jurisdiction to be confiscated and transferred to Ukraine to:

1. Make contributions to an international body, fund, or mechanism established consistent with that is charged with determining and administering compensation or providing assistance to Ukraine.
2. Support reconstruction, rebuilding and recovery efforts in Ukraine.
3. Provide economic and humanitarian assistance to the people of Ukraine.

The SABER Act would add another use, allowing seized Russian sovereign bank assets to be used for Ukraine's purchasing of defense articles and services to respond to and recover from the consequences of Putin's aggression.

Text of the legislation can be found HERE.

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