This bill authorizes the U.S. government to seize and forfeit assets belonging to Russian individuals and entities in response to Russia's aggression against Ukraine. Once the President declares a national emergency related to Russian threats to Ukraine, the Attorney General can seize property without going through the typical judicial forfeiture process, and any seized assets would be made available for Ukraine reconstruction efforts. The bill expands the definition of property that can be seized to include assets of people subject to U.S. sanctions related to Russia or Belarus, property involved in violating export controls or arms restrictions related to the conflict, and assets tied to related federal crimes. The authority to seize assets under this bill would last for three years from enactment, though assets seized during that period could continue to be used for reconstruction even after the authority expires. The bill requires the Attorney General and Treasury Secretary to issue regulations to implement these seizure procedures without following standard federal rulemaking timelines.
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