Biden administration supports law on confiscation of Russia's frozen assets

The administration of US President Joe Biden is supporting legislation that would allow the confiscation of Russian assets worth about $300 billion frozen in the Western banks, Report informs via Bloomberg.

The funds are planned to be used to restore Ukraine. The document, which the US National Security Council submitted to the United States Senate Committee on Foreign Relations, said that the administration welcomes legislation that would allow the confiscation of Russian funds.

The bill would provide the powers necessary for the US executive branch to confiscate Russian sovereign assets in favor of Ukraine, the agency reports referring to the document.

Biden decided to support such a step after Republicans in Congress blocked a new aid package for Kyiv.