A bipartisan group of U.S. senators introduced the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (REPO), which would allow confiscation of Russian Central Bank assets frozen in the U.S. and their transfer to help rebuild Ukraine.

The bill provides for additional assistance to Ukraine at the expense of assets confiscated from the Central Bank of the Russian Federation and other sovereign assets of Russia.

The document would give the president the authority to confiscate Russian sovereign assets that have been frozen in the U.S. and hand them over to help rebuild Ukraine.

Sanctioned Russian companies will not be able to profit from assets until Russia withdraws from Ukraine and agrees to provide compensation for harm caused by its unprovoked war.

The REPO provides for increased coordination between the United States and allies for the similar confiscation of Russian sovereign assets in other countries.

A similar initiative was filed by representatives of the Democratic and Republican parties in the US House of Representatives.

The United States has at least once confiscated the assets of a Russian sanctioned individual because of violations of the sanctions regime and transferred them to Ukraine.

The discussion on how to use the assets of the Russian Central Bank continues in the European Union.

U.S. lawmakers registered the REPO Act on June 15 to allow confiscation of Russian Central Bank assets for Ukraine.

The US Congress has introduced a bill that would allow the use of frozen Russian assets to help Ukraine.

More than $300 billion worth of Russian sovereign assets remain frozen around the world.

The EU is close to agreeing on a scheme to use frozen Russian assets to rebuild Ukraine.