Transferring Illicit Assets to Ukraine Act of 2023

This bill expands the use of assets seized from individuals or entities subject to U.S. sanctions related to Russia’s aggression in Ukraine. It broadens the definition of eligible assets to include property owned by sanctioned parties, involved in violations of export restrictions (e.g., illegal exports to Russia/Belarus), or tied to schemes supporting Russian aggression in Ukraine (including Crimea and the Donbas regions). The bill requires the Attorney General, Treasury, and State Department to submit semiannual reports on asset transfers and their impact on remedying harms to Ukraine, plus a 30-day implementation plan. It directly affects U.S. federal agencies managing asset forfeitures and aims to redirect existing seized assets to support Ukraine.