US House passes bill to sell seized Russian assets, strengthen sanctions against Iran

The US House of Representatives on Saturday passed a national security bill that allows the US government to sale frozen Russian assets and strengthen sanctions against Iran.

The House passed the bill, formally called the ‘21st Century Peace through Strength Act’, with a bipartisan vote of 360-58. The bill also carried the provision that would ban the social media platform TikTok in the United States if its Chinese owner ByteDance would not sell it within nine months.

Regarding Iran, CNN reported that the bill will sanction:

• ports and refineries receiving and processing Iranian oil

• anyone involved in activity covered under the United Nations (UN) missile embargo on Iran that lapsed last year

• those involved in the supply or sale of Iran’s missiles and drones

The report added that the bill will further restrict the export of US-origin goods and technology of US to Iran.

Regarding the Russian assets, the bill will empower the Executive branch of the US government to seize and transfer frozen Russian assets held in the US to Ukraine. This is a way to fund the Ukrainian war efforts against the Russian invasion through Russia’s frozen assets.

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The bill was passed along with a $61 billion aid package to Ukraine, $26 billion military assistance to Israel, and $15.3 billion in aid to Taiwan as it faces an aggressive China. The four bills will now be clubbed and sent to the US Senate, the Upper House of the US Congress. Upon clearing the Senate, the bills will go to President Joe Biden, who will sign them into law.