The 21st Century Peace through Strength Act, which was proposed on Wednesday, 17 April for consideration by the US House of Representatives, provides for the opportunity of confiscating Russian sovereign assets in favour of Ukraine and expanding anti-Russian sanctions.

As reported by Oksana Markarova, Ukraine's Ambassador to the United States, the bill provides for the opportunity of confiscating Russian sovereign assets in favour of Ukraine. 

In particular, the US President is given the authority to apply the procedure for confiscation of sovereign assets with the subsequent transfer of the relevant money to special funds – the Compensation Fund and the Ukraine Support Fund. 

At the same time, the President may coordinate the algorithm of transferring confiscated Russian assets to Ukraine with the G7 states, the EU, Australia and other US partners. 

The bill stipulates that no later than 90 days after its adoption, the US President must submit a report to Congress, noting the following:

• each individual and legal entity subject to EU and UK sanctions;
• each person and entity that meets the criteria for imposition of US sanctions under the Global Magnitsky Human Rights Accountability Act of 2016; US Executive Order No.14024 (sanctions related to certain harmful activities of the Russian government); Executive Order No.14068 (prohibiting certain imports, exports, and new investments in connection with the ongoing Russian aggression); Executive Order No.14071 (prohibiting new investments and certain services to the Russian Federation in response to the ongoing Russian aggression).

The US President should impose sanctions on each individual and entity identified in the above report as being subject to EU or UK sanctions and meeting the mentioned US sanctions criteria.

The law contains several other sanctions provisions that do not relate to Ukraine and provide for intensification of the fight against the spread of fentanyl, strengthening of the US sanctions policy, combating money laundering, strengthening information security, intensification of the fight against crime and other US domestic policy issues.

The Rules Committee should develop a procedure for reviewing the bill and agree on its introduction for general debate. One of the options is to choose a procedure that will combine all the bills on US international assistance and the 21st Century Peace through Strength Act into one package.

The Ambassador also provided details of the US support for Ukraine bill, which is expected to be considered by the US House of Representatives on Saturday, after months of delay.

The final vote on the bills is expected to take place by Saturday evening, 20 April.

US President Joe Biden expressed his readiness to sign the bills introduced by Mike Johnson into law if they were approved by Congress.