To require the President to seize Azerbaijani assets and create a process for Armenians displaced from Artsakh to claim such assets as compensation for lost revenue, and for other purposes.
About This Bill
Committee
Latest Action · September 18, 2024
Referred to the Committee on Foreign Affairs, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Artsakh Revenue Recovery Act of 2024 requires the President to seize Azerbaijani government assets held in the United States and use them to compensate Armenians displaced from Artsakh (Nagorno-Karabakh) during Azerbaijan's military assault in September 2023. The bill aims to compensate approximately 120,000 displaced Armenians who lost jobs, businesses, and property—including roughly 14,772 businesses and 142,000 acres of farmland—that collectively generated around $629 million in annual revenue before the conflict. Within 90 days of the bill's enactment, the President must block all Azerbaijani sovereign assets in U.S. financial institutions, with the expectation that assets worth at least $32.1 billion in U.S. dollar investments would be seized and liquidated into a new Artsakh Revenue Recovery Fund. Eligible displaced persons can submit claims to the fund for lost revenue, and if Azerbaijan refuses to pay, compensation would come from the seized assets; the fund would terminate once a peace agreement is implemented and all compensation claims are settled.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.