On a New Mechanism for the Confiscation of Russian Sovereign Assets: Consensus Between the US Administration and Congress

... still few and the confiscated funds are relatively insignificant. For example, the confiscated assets of Russian businessman Konstantin Malofeev, transferred to Ukraine, amounted to 5.4 million US dollars. Finally, in April 2024, both houses of the US Congress approved H.R. 8038, the “21 st Century Peace through Strength Act”. It already enshrines a much larger confiscation mechanism, giving the executive branch the authority to seize Russia’s sovereign assets in the US. The bill estimates their value at $4-5 billion, while the total volume of frozen Russian sovereign assets in the jurisdictions of all countries ...