The key to the apartment where the money is: in the USA they want to reward for information about the assets of Russian oligarchs

A bipartisan group of senators on March 15 unveiled legislation calling on the Treasury Department to offer a monetary reward for information that leads to the confiscation of assets belonging to Russian oligarchs under sanctions, in an attempt to increase financial pressure on the Kremlin in connection with the war in Ukraine, reports Washington Post.

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The proposal would give President Biden the authority to declare a state of emergency allowing federal authorities to confiscate and then liquidate the assets of Russian oligarchs or other financial elites associated with the Russian government. The bill would also allow the proceeds from the sale of these assets to be transferred to the government of Ukraine to help rebuild the country or fund its armed forces. Generally, the sanctions law only allows the federal government to freeze the assets of sanctioned individuals, but not to arrest them.

The bill is being introduced by Senators Sheldon Whitehouse (Democrat), Richard Blumenthal (Democrat), Lindsey O. Graham (R-California), and Roger Wicker (R-Mississippi). The United States and its European allies have tried to influence this financial elite by targeting money they have hidden abroad, but the impact of these actions on Russian President Vladimir Putin remains unclear. The fate of the bill is also unclear, as the administration has so far resisted attempts by Congress to control the policy of sanctions against Russia.

“Anything that encourages people to provide information about where to find these assets will be a big help,” said Daniel Glaser, who worked in the Treasury Department's Office of Counterterrorism and Financial Intelligence during the Obama administration and is now head of jurisdictional services at K2. Integrity. “The Department of Justice has the power to seize these assets, but they have to find them.”

On the subject: Between America and Ukraine: how a political refugee from Russia went to defend Ukraine, and what came of it

According to an article published by the National Bureau of Economic Research in 2017, Russian billionaires control roughly 30% of the nation's wealth and have about as much money hidden in offshore foreign accounts as the entire population of Russia has in Russia itself.

Yacht justice: a new front in the war against Russian oligarchs

“Putin and his oligarchs are pouring their dirty money into the rule of law, buying mansions, mega-yachts, works of art and other valuable assets. We must seize these ill-gotten luxuries and use them to help the Ukrainian people,” the White House said in a statement.

A White House spokesman added that the bipartisan group of senators worked closely after a recent joint trip to Germany: “This would be a measure of justice for a nation besieged by a corrupt dictator… We remain united in our commitment to deliver a massive financial blow to Putin and his oligarchs.”

The White House was very quick to take measures that hurt the Russian economy, including hitting the country's central bank, restricting technology imports, and cutting off oil and gas imports to the United States.

But the administration is still under pressure to go further. Ukrainian President Volodymyr Zelensky on March 11 asked Biden to expand the US sanctions campaign, including by sharply increasing the number of Russian elites subject to economic sanctions. The United Kingdom has imposed sanctions on some members of the Russian elite that the United States has not yet touched, such as Russian billionaire Roman Abramovich.

Sanctions experts say part of the problem with imposing economic sanctions on Russian oligarchs close to Putin is that their assets are often hidden in opaque financial schemes. The Treasury Department is working on legislation passed by Congress last year to end anonymous shell companies by requiring firms to disclose information about their owners to the federal government. This law included exceptions for about two dozen types of organizations, and the Department of Finance has not yet adopted this measure.

The law will aim to help the United States work much faster to uncover where the Russian oligarchs' assets are hidden. The United States has imposed sanctions on more than 200 Russian individuals and entities since the start of the war, according to the Brookings Institution, a Washington-based think tank. But where their assets are is often a mystery.

You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

Zelensky demands from Biden to increase economic pressure on Moscow and expand sanctions

The bill would allow the administration to confiscate assets worth more than $2 million. The legislation states that funds withdrawn from the assets of Russian oligarchs can be used for the restoration of Ukraine, humanitarian aid, military support for Ukraine and support for Ukrainian refugees, among other potential purposes.

As ForumDaily wrote earlier:

• On the night of February 24 began full-scale war of Russia against Ukraine.
• In the light of these events in Russia and around the world, protests against the invasion of Ukraine
• US and UK imposed broad economic sanctions against Russia due to the invasion of Ukraine.
• February 25 President of Ukraine Volodymyr Zelensky urged Russian President Vladimir Putin to sit down at the negotiating table. Putin's press secretary Dmitry Peskov said that Putin is ready to send a delegation to Minsk (Belarus) for negotiations with Kiev. He specified that the delegation will include representatives of the Ministry of Defense, the Ministry of Foreign Affairs and the presidential administration.
• In the USA there were large-scale rallies in support of Ukraine.
• Pope Francis visits the Russian Embassy February 25, to personally "express his concerns about the war" in Ukraine, which made an unprecedented deviation from diplomatic protocol.
• European Union, USA and UK imposed sanctions and froze the assets of Putin and Lavrov.
• The United States declared its readiness to start accept refugees from Ukraine.
• February 26, the world famous and one of the most popular groups of hackers Anonymous recorded a video message to Russian President Vladimir Putin. They promised to find all "skeletons in the closet" and "leave no stone unturned".
• As it became known, the Oscar-winning Hollywood actor Sean Penn is located in Ukraine and is making a documentary for Vice about events in the country.
• February 28 The world's largest aircraft An-225 was destroyed during the Russian invasion of Ukraine, it caused alarm and sadness among the aviation world, in which it occupies an almost cult status.
• On the same day, the United States and France called on their citizens immediately consider leaving Russia.
• From the very beginning of the invasion, many actions took place around the world in support of Ukraine. How it was in the USA, see our material.
• On March 1, the United States asked 12 Russian diplomats from the United Nations leave the US accusing them of "espionage activities" as Russia continues its advance into Ukraine.
• March 2 Russian businessman Alex Konanykhin offered a $1 million reward for dead or alive Putin.
• Airbus and Boeing refused to work with Russia, this endangers almost the entire civil aviation of the country.
• March 3 CEO and founder of the Russian TV channel "Rain" announced the suspension of the channel. This is due to the Russian invasion of Ukraine.
• Which of the Hollywood stars supported Ukraine, and who was on the side of Russia, read here.
• What Russians living in Ukraine say about the war, you can find out in our material.
• Which companies left Russia and how it hit the economy, read on link.
• Where citizens of Ukraine can receive special services in Poland - by link.
• The US State Department has warned citizens of Ukraine that the US Mission in Ukraine does not currently offer visa services. That's it services provided in Germany.
• Meanwhile, the killers tried to kill the President of Ukraine Vladimir Zelensky at least three times since Russia invaded his country on February 24.
• In Russia, the situation with free media is becoming more and more difficult. Even relatives of Ukrainians from Russia do not believe in shelling of Ukraine.
• Russian diplomats announced persona non grata, left the US, and the Russian airlines stop international flights.
• Meanwhile at the International Court of Justice in The Hague began consideration of the claim of Ukraine to Russia. The subject of the lawsuit is allegations of genocide.
• Russia began active preparations for shutdown from the global internet.
• Thousands of Ukrainians are leaving the country. 11-year-old boy from Zaporozhye made it to the border with Slovakia and crossed it on foot.
• USA supports Ukraine: both government officials and ordinary Americans. 20 workers in West Coast ports refuse tohandle Russian cargo. President of Ukraine Volodymyr Zelensky was awarded a medal Liberty Ronald Reagan. Tesla will continue to pay salaries to employees who decide to go to fight in Ukraine.
• In the meantime, the sanctions are taking effect: Russia is rapidly rising in price or disappearing from the sale of drugs and medical equipment manufactured by countries that have imposed sanctions on the Russian Federation because of the war in Ukraine. Down on the country iron curtain. The world is on the hunt on the assets of Russian oligarchs.
• Russia cannot establish a dialogue with the world - she threatens to leave from the Council of Europe and the OSCE.
• Russia continues the inglorious war, not observing any principles of “green corridors” and press safety. Russian troops near Kiev shot Fox News journalists, and on the afternoon of March 13, an American Time journalist was shot dead by the invaders, documentary filmmaker, 50Childhood Brent Renault.

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