March 22, 2022

Moulton, Gallagher, Auchincloss, Meijer Introduce Yachts for Ukraine Act

New Bill Would Transfer Seized Russian Oligarch Assets to Ukraine Humanitarian and Reconstructions Efforts

Washington, DC— Congressmen Seth Moulton (D-Mass.), Mike Gallagher (R-Wisc.), Jake Auchincloss (D-Mass.), and Peter Meijer (R-Mich.) have introduced the Yachts for Ukraine Act, which would allow seized Russian assets to be repurposed for rebuilding Ukraine.

As Russia’s wealthiest attempt to wait out temporary  seizure of their superyachts and mansions, this legislation would ensure that the assets seized under the current U.S. sanctions regimes would be permanently reallocated to humanitarian assistance and reconstruction efforts in Ukraine.  The value of Russian superyachts, alone, amounts to billions of dollars. 

"Some Russian oligarchs think they can ride out this war on their yachts in the Mediterranean,” said Congressman Moulton. “They’re more concerned with where their next batch of caviar is coming from than confronting their enabler, the war criminal Vladimir Putin, about how he is destroying lives and wrecking the Russian economy. Now these oligarchs will know that the U.S. will do everything in its power to seize their assets for good—and finally put them to good use, rebuilding the country their acquiescence has helped destroy.”

“Our message is simple: if you’re an oligarch, we’re coming for your assets, wherever you have them hidden. If you’re in Ukraine fighting on the front lines of democracy, more help is on the way,” said Congressman Auchincloss

“Putin’s war in Ukraine has killed thousands and displaced millions of Ukrainians. The cost of this humanitarian crisis should be paid for by Putin and the cronies who have supported him, and converting proceeds from their seized assets to help Ukraine is an obvious way to punish these thugs and increase aid for Ukrainians,” said Congressman Gallagher

“The United States must no longer turn a blind eye towards Russian oligarchs and any assets they have hidden in our country,” said Congressman Meijer. “ 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 in the world.”

Full bill text HERE.