The U.S. House of Representatives on Saturday approved a bill that allows for the confiscation of sovereign assets of Russia for the benefit of Ukraine and expands anti-Russian sanctions.

The bill was passed by 360 congressmen, with 58 against.

Regarding Ukraine, the bill allows for the confiscation of Russian sovereign assets for the benefit of Ukraine.

Specifically, the President of the United States is granted authority to implement the confiscation procedure of sovereign assets, with the subsequent transfer of the corresponding funds to special funds – the Compensation Fund and the Ukraine Support Fund.

Moreover, the President may coordinate the transfer of confiscated Russian assets to Ukraine with the Group of Seven countries, the European Union, Australia, and other U.S. partners.