Mr. President, today the Senate will finally adopt, after some unfortunate delays, urgent bipartisan aid and sanctions legislation on Ukraine developed with the cooperation of a number of committees here in the Senate, and constructed by…
Mr. President, today the Senate will finally adopt, after some unfortunate delays, urgent bipartisan aid and sanctions legislation on Ukraine developed with the cooperation of a number of committees here in the Senate, and constructed by Foreign Relations Committee Chairman Menendez and his ranking member, Senator Corker. Both are also distinguished senior members of the Banking Committee, which I chair, and which has jurisdiction over the economic sanctions provided for in the bill. I am pleased to have been able to work closely with them to ensure this sound result, including provisions to impose targeted asset freeze sanctions against individuals and businesses found by the President to have been responsible for threats to the territorial integrity of Ukraine, and for certain acts of corruption in Russia.
Once we pass this bill, I hope the House will act quickly to approve it and send it to the President for his signature. With this legislation, Congress is providing the President with flexible new tools to make clear to President Putin and his allies that Russia's recent moves against Ukraine are unacceptable, and that there will be an increasingly painful economic and political price to pay for these actions.
Economic sanctions are an important tool of American diplomacy. In Iran, years of tough, comprehensive economic sanctions have helped finally to bring Iran's leaders to the nuclear negotiating table. Sanctions have been wielded effectively against Sudan, North Korea, Yemen, former military and security officials in Burma, warlords in the Congo, and elsewhere. If developed in close consultation with administration officials at Treasury and the State Department who are responsible for implementing them, appropriately targeted, and applied multilaterally, sanctions can be a potent tool in the President's foreign policy arsenal. In the case of Ukraine, they will serve both to punish former Ukrainian officials and others responsible for the violence there, and to punish Russian officials for irresponsible behavior. If wielded effectively, as part of a larger diplomatic and political strategy, they can also help to deter future aggressive actions by Russia against Ukraine.
That is why I support this legislation to provide critical economic and security assistance to Ukraine, and to provide new sanctions authority to the President. I support it even though I am deeply disappointed that opposition from some of my Republican colleagues here and in the House forced the removal of important International Monetary Fund, IMF, reforms that had been included in earlier versions of the bill. Those reforms would have enabled the IMF to better implement the economic aid and reform package it has developed with the new Ukrainian Government's leadership in recent weeks, which it announced yesterday. We must get those reforms enacted as soon as possible, by other means.
This measure, along with the steps already taken by the President, the multilateral aid and sanctions measures adopted by our allies, and the economic stabilization package offered by the IMF should help to reduce tensions as this situation moves forward. I look forward to working with my colleagues not only to ensure Ukraine's stability but also the security of all our allies in Europe and beyond.
Again, I thank my colleagues Chairman Menendez and Ranking Member Corker for working so hard to perfect this legislation and move it quickly.
I urge my colleagues to support it and deliver on the promises this body and this country have made to support the people of Ukraine.