Boise City Wire

WASHINGTON – The Senate Foreign Relations Committee has passed the Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act, a bipartisan legislation that aims to provide additional assistance to Ukraine using assets confiscated from the Central Bank of the Russian Federation and other sovereign assets of Russia.

The bill, introduced by Senators Jim Risch (R-Idaho) and Sheldon Whitehouse (D-R.I.), has garnered support from a wide range of senators from both parties. Risch expressed his satisfaction with the committee's passage of the bill, stating, "Today's committee passage of my REPO Act was long-overdue. For almost two years, Russia has committed unspeakable crimes in its illegal, unprovoked invasion of Ukraine. Russia should pay to rebuild Ukraine, and U.S. leadership is essential to spur action."

The REPO Act grants the president the authority to seize Russian sovereign assets frozen in the U.S. and transfer them to Ukraine for its reconstruction. It also directs the president to collaborate with other partners and allies to take similar action. Risch emphasized the importance of holding Russia accountable and urged the international community to rise to the occasion.

Whitehouse echoed Risch's sentiments, acknowledging the significant frozen Russian assets overseas and the need to repurpose them for Ukraine's reconstruction. He stated, "When we help Ukraine rebuild after it beats back the Russian invasion, seizing and repurposing the Putin regime's frozen funds is the right place to start."

The REPO Act has garnered praise from various individuals and organizations. Ukrainian President Volodymyr Zelenskyy expressed his gratitude for the bipartisan support of the issue, stating, "The significant international step today is the bill registered in the United States on the confiscation and transfer to our country of the assets of the Russian state – a terrorist state – as reparations."

Former President of the World Bank, Robert B. Zoellick, emphasized the strategic and moral importance of the bill, stating, "This timely bipartisan bill signals that the United States and its partners need an economic counteroffensive to support Ukraine as it begins its military counteroffensive. The aim should be to transfer Russian official assets to a fund for Ukraine, in accordance with both international and domestic law."

The REPO Act has also received support from prominent figures such as former Secretary of the Treasury Lawrence H. Summers and former Counselor of the U.S. Department of State Philip Zelikow. Summers highlighted the critical importance of mobilizing seized Russian assets for Ukraine to meet global economic challenges and support freedom.

The bill has garnered bipartisan and bicameral support, with cosponsors including Senators Roger Wicker (R-Miss.), Richard Blumenthal (D-Conn.), Lindsey Graham (R-S.C.), and many others.

The passage of the REPO Act in the Senate Foreign Relations Committee marks a significant step towards providing Ukraine with the necessary resources for reconstruction. The bill's provisions for the confiscation and repurposing of Russian sovereign assets demonstrate a strong commitment to holding Russia accountable for its actions and supporting Ukraine's recovery. The legislation will now move forward for consideration by the full Senate.