US to seize and sell Russian oligarchs' property

The White House has proposed giving the government greater power to seize and sell the assets of Russian oligarchs, and transfer their proceeds to Ukraine.

The legislative proposal, released on Thursday morning, will be presented to Congress for consideration.

The measures would make it easier for the US to seize and sell oligarchs' assets, and use the funds "to remediate harms of Russian aggression".

Similar legislation was recently passed in the US House of Representatives.

But the new White House plans go further by calling for inter-agency collaboration between the Treasury Department, Justice Department, State Department and Commerce Department.

President Biden is due to set out the details on Thursday morning in the US.

The package will "establish new authorities for the forfeiture of property linked to Russian kleptocracy, allow the government to use the proceeds to support Ukraine and further strengthen related law enforcement tools," the White House said in a statement.