White House Unveils Plan to Sell Russian Oligarch Assets

The White House announced plans to seize mansions and yachts owned by Russian oligarchs and sell them to help fund Ukraine’s defense.

“This package of proposals will establish new authorities for the forfeiture of property linked to Russian kleptocracy, allow the government to use the proceeds to support Ukraine, and further strengthen related law enforcement tools,” explained the White House. 

The proposals would also make it criminal for any individual  to knowingly or intentionally “possess proceeds directly obtained from corrupt dealings with the Russian government.”

There would also be provisions in the proposal for clamping down on facilitation of sanctions evasion, modernizing racketeering to include sanctions evasion, expanding the time limit to follow the money, and leveraging US foreign partners’ ability to freeze and seize oligarch wealth.

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