US President Joe Biden is ready to confiscate the property of Russian oligarchs in favor of Ukraine, the press service of the White House.
It is noted that he will invite Congress to accept changes to the legislation in order to make it possible.
“This legislative package will legitimize the new powers to confiscate property related to Russian Kleptocracy, will allow the government to use the proceeds in support of Ukraine and will further strengthen the bound law enforcement tools,” the White House website says.
Biden also offers to close a loophole that does not allow confiscating assets used to avoid sanctions.
Since the oligarchs can use “intricate schemes with several jurisdictions”, the American president proposes to increase the limitation period for money laundering from 5 to 10 years.
“Biden administration counts on close cooperation with members of the Congress in general for the implementation of this package of proposals,” the White House said.