Sell of Frozen Russian Assets, Aid to Allies: 21st Century Peace through Strength Act Passed

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Mayur Joshi
Mayur Joshihttp://www.mayurjoshi.com
Mayur Joshi is a forensic accounting evangelist based out of Pune. He regularly contributes to the Regtechtimes. He is the forensic accounting and financial crimes evangelist in India who is instrumental in designing india's first certification program in Anti Money Laundering. He is the author of 7 books on the financial crimes and compliance subjects.

The US House of Representatives demonstrated bipartisan unity by passing the ’21st Century Peace through Strength Act’ on Saturday. This comprehensive national security bill not only strengthens sanctions against Iran but also facilitates the seizure and transfer of frozen Russian assets to Ukraine. The bill, passed with a resounding bipartisan vote of 360-58, marks a significant step in the US government’s response to ongoing international security challenges.

Strengthening Sanctions Against Iran

The bill includes stringent measures aimed at Iran, targeting various sectors of its economy and military capabilities. According to CNN, the bill will impose sanctions on:

  • Ports and refineries involved in receiving and processing Iranian oil.
  • Individuals and entities engaged in activities covered under the United Nations (UN) missile embargo on Iran, which lapsed last year.
  • Those involved in the supply or sale of Iran’s missiles and drones.

Additionally, the bill will further restrict the export of US-origin goods and technology to Iran.

Empowering Ukraine Through Frozen Russian Assets

One of the most notable provisions of the bill is its empowerment of the Executive branch to seize and transfer frozen Russian assets held in the US to Ukraine. This move is aimed at providing financial support to Ukraine in its ongoing efforts to defend itself against the Russian invasion. By redirecting these assets, the US aims to bolster Ukraine’s ability to withstand Russian aggression.

Comprehensive Aid Package

Alongside the national security bill, the House passed a $61 billion aid package to Ukraine, demonstrating unwavering support for the country’s sovereignty and territorial integrity. The aid package also includes $26 billion in military assistance to Israel, aimed at enhancing its defense capabilities. Moreover, the House approved $15.3 billion in aid to Taiwan to assist the island nation in countering aggressive actions by China.

Additional Measures to Counter Chinese Influence

In a series of strategic moves, the House also passed an $8 billion aid package aimed at preventing Chinese aggression against Taiwan. Furthermore, the House approved a bill targeting the popular social media app TikTok, owned by Chinese company ByteDance Ltd. The bill mandates ByteDance to divest itself from TikTok within nine months or face a ban in the United States. Additionally, the bill allows for the confiscation of Russian assets, further contributing to assistance efforts in Ukraine.

Aid to Israel and Global Humanitarian Assistance

The aid bill for Israel passed with a vote of 366 to 58, includes $4 billion for Israel’s missile defense systems, particularly in response to recent drone and missile attacks by Iran. Furthermore, the bill allocates $9 billion in global humanitarian aid, including funds for Gaza, a provision insisted upon by Democrats.

Moving Forward

The bills, along with the aid packages, will now proceed to the US Senate for further deliberation. Once cleared by the Senate, frozen Russian Assets and aid to Ukraine, Israel and Taiwan will be sent to President Joe Biden for his signature, signalling a unified and robust response by the United States to various international security challenges.

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