Biden seeks new powers to use oligarchs' assets for Ukraine

WASHINGTON (AP) — President Joe Biden is asking Congress on Thursday for new powers to seize and repurpose the assets of Russian oligarchs as part of a new funding request to aid Ukraine in its defense against Russia's invasion.

In remarks at the White House on Thursday morning, Biden will formally ask for billions of dollars in additional U.S. spending earmarked for supplying Ukraine's military, bolstering its economy and supporting the millions of refugees who fled Russia's invasion two months ago. He will also seek new authorities from Congress to strengthen U.S. sanctions against the Russian government and those who profit from it, the White House said.

Biden is asking lawmakers to make it a criminal offense for a person to “knowingly or intentionally possess proceeds directly obtained from corrupt dealings with the Russian government," double the statute of limitations for foreign money laundering offenses to 10 years, and expand the definition of “racketeering” under U.S. law to include efforts to evade sanctions.

Biden will also ask Congress to allow the federal government use the proceeds from selling the seized assets of sanctioned Russian oligarchs to help the people of Ukraine.

In a virtual address to International Monetary Fund and World Bank leaders last week Ukrainian President Volodymyr Zelenskyy called for the proceeds of sanctioned property and Central Bank reserves to be used to compensate Ukraine for its losses.

He said that frozen Russian assets “have to be used to rebuild Ukraine after the war as well as to pay for the losses caused to other nations.’’

Treasury Secretary Janet Yellen said at the time that congressional action would be needed to authorize such actions.

The war has already caused more than $60 billion in damage to buildings and...