yachts for ukraine act

H.R. 7187 (117 th ): Yachts for Ukraine Act

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The text of the bill below is as of Mar 21, 2022 (Introduced). The bill was not enacted into law.

117th CONGRESS

IN THE HOUSE OF REPRESENTATIVES

March 21, 2022

Mr. Moulton (for himself, Mr. Meijer , Mr. Auchincloss , and Mr. Gallagher ) introduced the following bill; which was referred to the Committee on Foreign Affairs

To authorize the provision of humanitarian assistance to Ukraine.

Short title

This Act may be cited as the Yachts for Ukraine Act .

Authority to provide humanitarian assistance to Ukraine

Notwithstanding any other provision of law, the President is authorized to take such actions as may be necessary to use the amounts described in subsection (b) to provide humanitarian assistance to Ukraine.

Amounts described

The amounts described in this subsection are the following:

All monetary assets of individuals described in subsection (c) if such assets are subject to United States jurisdiction and control by reason of the imposition of sanctions under any provision of United States law.

All amounts derived from the liquidation or sales of other assets of individuals described in subsection (c) if such assets are subject to United States jurisdiction and control by reason of the imposition of sanctions under any provision of United States law.

Individuals described

The individuals described in this subsection are the following:

Individuals who are oligarchs of the Russian Federation, as determined by the President.

Individuals who are senior foreign political figures of the Russian Federation.

Senior foreign political figure defined

In subsection (c)(2), the term senior foreign political figure has the meaning given that term in section 1010.605 of title 31, Code of Federal Regulations.

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US Congress HR7187

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• Introduced in House
• Referred to the House Committee on Foreign Affairs.

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Congress tees up a plan to seize Russian yachts and properties in the US — and sell them for Ukraine aid

• Bipartisan lawmakers are gearing up to introduce a bill to seize Russian elites' assets, including yachts.
• The "Yachts for Ukraine" Act would sell off those assets and use the cash to provide aid to Ukraine.
• Legislators on both sides of the aisle told Insider they'd support the measure.

Lawmakers are gearing up to introduce a new bill that would seize Russian elites' yachts and assets, further intensifying the US' economic sanctions on Russia amid its invasion of Ukraine.

The "Yachts for Ukraine" Act would permit authorities to seize any property held by Russian elites in the US that is valued above $5 million. That includes bank accounts, real estate, and the superyachts that have become synonymous with Russia's billionaire class.

The bill, which is led by Democratic Rep. Tom Malinowski of New Jersey and Republican Rep. Joe Wilson of South Carolina, would also allow the US to sell the seized assets and use the cash to aid Ukraine. Funds from such sales could be used on post-conflict reconstruction in Ukraine, humanitarian support, weapons for Ukraine's armed forces, provisions for refugees, and technology goods. Cash could also be diverted to humanitarian assistance for Russians, "including democracy and human rights programming and monitoring," according to the bill.

Authority provided by the bill would last for two years after its passage, giving President Joe Biden prolonged power over Russian oligarchs parking their wealth in the US.

The idea could gain further bipartisan traction in Congress. Rep. Pramila Jayapal of Washington said she was "absolutely" on board.

​​ "I just think it's important to allow for them to feel the consequence and the cost of what Vladimir Putin has done with violent aggression in Ukraine," Jayapal, chair of the House Progressive Caucus, told Insider.

"I think it's a good idea to seize assets of those close to Putin," Republican Sen. Rob Portman of Ohio told Insider. "Other countries are doing it, including Germany yesterday. If Germany is doing it, that must mean everybody is doing it."

Western countries have been piling sanctions on Russia 

Western sanctions have been growing increasingly intense , causing the value of Russia's ruble to plummet and setting the country up for a potential recession within months. President Vladimir Putin himself has been directly sanctioned by the US, EU, and UK — a more symbolic condemnation . 

Some of those sanctions have indeed reportedly targeted yachts. Forbes reported that Germany seized a $600 million mega-yacht belonging to Russian billionaire Alisher Usmanov. Other yachts belonging to Russian billionaires have sailed to smoother waters , with at least five either traveling around or parked in the Maldives — which doesn't have an extradition treaty with the US — according to Reuters .

At least 10 Russian oligarchs have been targeted by US sanctions , and the EU has also sanctioned some oligarchs and businessmen. Some of the oligarchs in the EU's crosshairs have pushed back , with businessman Mikhail Fridman telling Reuters that "sanctions are groundless and unfair."

These Russian-owned yachts must be in the US' territorial waters in order for the US to seize them, Benjamin Maltby, partner at UK-based Keystone Law who specializes in superyacht and luxury asset law, told Insider. But considering that the White House already forewarned of these sanctions in a Tweet last week , he said that Russian owners could try to make a run for Russia itself.

Consider those who have already traveled to the Seychelles and Maldives. "Safe spaces are going to be few and far between," Maltby said. He thinks these small island nations may not to want be seen colluding with Russian oligarchs to defeat sanctions and could choose to take action following the US' sanctions.

Biden hinted at the US's seizure plans during his first formal State of the Union address on Tuesday. The president said the US would join much of Europe in wresting control of Russian yachts, luxury apartments, and private jets.

"We are coming for your ill-begotten gains," he added in comments directed at Russian oligarchs.

Other measures aim to weaken Russia's ability to finance its invasion. The US and European allies on Monday cut Russia's central bank off from accessing foreign-denominated reserves, essentially freezing some $630 billion in Russian funds held internationally. The move also forces Putin and the Kremlin to find new partners for bolstering the ruble's value.

• Main content

Members of Congress support Yachts For Ukraine Act

A handful of Congressional leaders, including a West Michigan legislator, are introducing yet another bill increasing economic sanctions on Russian oligarchs, but this one would help finance Ukraine’s reconstruction.

Russian President Vladimir Putin’s decision to invade neighbor Ukraine has triggered an avalanche of economic sanctions targeting the Russian financial system and businesses. Also targeted are oligarchs supporting Putin. Those oligarchs are known for amassing wealth and nations around the world are seizing their mansions and yachts. Now, what to do with those properties?

A bipartisan bill has been drafted by four U.S. House members. Democratic representatives Jake Auchincloss and Seth Moulton from Massachusetts and Republicans Mike Gallagher from Wisconsin and West Michigan congressman Peter Meijer.

The Yachts for Ukraine Act is straight forward; those seized mansions and yachts are valuable and should be repurposed providing humanitarian aid and rebuilding Ukraine when the war ends.

U.S. Rep. Peter Meijer said, “The United States must no longer turn a blind eye towards Russian oligarchs and any assets they have hidden in our country, I am proud to join this legislative effort to send yet another clear message that we intend to hold Vladimir Putin and his cronies accountable for their illegal invasion of Ukraine, and we will use every economic sanction available to economically isolate anyone who is complicit in Putin’s terror around the world.”

It’s estimated the value of oligarch’s yachts alone are worth billions of dollars.