Seth Moulton, Jake Auchincloss introduce ‘Yachts for Ukraine’ Act to direct oligarch assets to aid Ukraine
Stella Maris yacht belonging to Rashid Sardarov is docked in Nice, France, Tuesday, March 1, 2022. The boat is believed to be owned by Sardarov, a Russian billionaire oil and gas magnate not yet among the Kremlin-aligned oligarchs sanctioned by the United States and its allies in response to the Russian invasion of Ukraine. The European Union began moving this week to seize at least two superyachts owned by Russians close to Vladimir Putin. (AP Photo/Colleen Barry)
Bay State House members and veterans Seth Moulton and Jake Auchincloss are hoping to redirect Russian billionaires’ assets, in the form of yachts and penthouses, to help Ukrainians.
“Some Russian oligarchs think they can ride out this war on their yachts in the Mediterranean,” Moulton, a Democrat from Salem, said in a statement. “They’re more concerned with where their next batch of caviar is coming from than confronting their enabler, the war criminal Vladimir Putin, about how he is destroying lives and wrecking the Russian economy.”
Auchincloss, a Newton Democrat, added, “Our message is simple: if you’re an oligarch, we’re coming for your assets, wherever you have them hidden. If you’re in Ukraine fighting on the front lines of democracy, more help is on the way.”
Oligarchs, or Russia’s corrupt and wealthy elite with close ties to the Kremlin, have already faced steep sanctions in the U.S. and abroad for their country’s invasion of Ukraine. The U.K., for example, sanctioned the Chelsea Football Club’s owner, Roman Abramovich. The Brits halted the sale, player transfers and merchandise sales for the team.
This bill would permanently allow the funds from seized Russian assets to fund humanitarian and rebuilding efforts for Ukraine.
Even though oligarchs have questioned the effect of the sanctions on Putin’s decisions, Chris Miller, an assistant professor at the Tufts Fletcher School of Law and Diplomacy, said these sanctions are more of a medium- to long-term solution than a short-term one. They’re designed to weaken Russia’s military and “embarrass” the Kremlin for the illegitimate ways its oligarchs acquired the wealth.
“We’ve got no interest in having their funds in our financial system in the first place,” he said.
Although the lawmakers noted that the oligarchs’ superyachts are worth “billions of dollars” alone, Miller argues it’s not enough to make a significant dent in Ukraine’s humanitarian crisis.
“The sentiment is certainly in the right direction, and there’s a lot more that will have to be done to rebuild Ukraine,” he said.
Source:
Amy Sokolow