Section 1 Short title
This Act may be cited as the “Oligarch Asset Forfeiture Act”.
Oligarch Asset Forfeiture Act
A BILL
To amend section 981 of title 18, United States Code, to subject property attributable to certain sanctioned individuals to forfeiture to the United States.
Sec. 2 Forfeiture of assets
Section 981(a)(1)(G) of title 18, United States Code, is amended—
in clause (iii) by striking “or” at the end;
in clause (iv) by striking the period at the end and inserting “; or”; and
by adding at the end the following:
“(v) of any foreign individual or entity beneficially owned by, or attributed to, a foreign individual sanctioned under Executive Order 14024 (86 Fed. Reg. 20249; relating to blocking property with respect to specified harmful foreign activities of the Government of the Russian Federation), Executive Order 13661 (79 Fed. Reg. 15535; relating to blocking property of additional persons contributing to the situation in Ukraine), Executive Order 13662 (79 Fed. Reg. 16169; relating to blocking property of additional persons contributing to the situation in Ukraine), section 222 of the Countering America's Adversaries Through Sanctions Act (22 U.S.C. 9522), or the Sergei Magnitsky Rule of Law Accountability Act of 2012 (22 U.S.C. 5811 note).”
Sec. 3 Expiration and use of assets
Expiration—
Certification— The President shall submit to Congress a certification indicating when the war of aggression initiated by the Russian Federation in February 2022 against Ukraine has concluded, as determined by the President.
Sunset— Effective on the date on which the President submits the certification described in paragraph (1), section 981(a)(1)(G) of title 18, United States Code, is amended—
in clause (iii), by adding “or” at the end;
in clause (iv), by striking “; or” and inserting a period; and
by striking clause (v).
Use of Assets— The Federal Government—
may sell an asset seized under clause (v) of section 981(a)(1)(G) of title 18, United States Code; and
notwithstanding section 524(c)(4) of title 28, United States Code, at the discretion of the President, may use the proceeds of the sale of an asset described in paragraph (1) of this subsection—
for humanitarian assistance for Ukrainian refugees; or
for rebuilding Ukraine once hostilities have ceased.