US Senate approves amendment to transfer seized assets of Russian oligarchs to Ukraine.

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The U.S. Senate on Dec. 22 approved an amendment allowing the transfer of seized assets belonging to Russian oligarchs to the people of Ukraine, CNN reported.

"This amendment would allow the Department of Justice through the Secretary of State to transfer proceeds from seized oligarchs' assets or other sanctioned entities to the people of Ukraine," U.S. Senator Lindsey Graham said. "It will be a godsend to the long-suffering people of Ukraine. It will be a relief to the American taxpayer… It will be a bad day for oligarchs."

The adoption of the amendment is a significant development in the ongoing efforts to hold Russian oligarchs accountable for their role in Russia's invasion of Ukraine.

On Dec. 19, Canada announced it would start seizing approximately $26 million from Granite Capital Holdings Ltd, a firm owned by sanctioned Russian oligarch Roman Abramovich.

Canadian Finance Minister Chrystia Freeland explained that Russian oligarchs have been involved in the "illegal and barbaric invasion of Ukraine," and Canada "will not be a haven for their ill-gotten gains."