Schiff Introduces the Bipartisan Artsakh Revenue Recovery Act to Seize Azerbaijani Assets, Compensate Displaced Armenians
Washington, D.C.— Today, Representative Adam Schiff (D-Calif.), Vice Chair of the Congressional Armenian Caucus, led the introduction of the Artsakh Revenue Recovery Act of 2024, a critical piece of legislation aimed at holding the government of Azerbaijan accountable for its unprovoked military aggression against the Republic of Artsakh (Nagorno-Karabakh) and providing compensation to Armenians forcibly displaced from the region.
Schiff’s Artsakh Revenue Recovery Act of 2024 is being introduced ahead of tomorrow’s one-year anniversary of Azerbaijan's coordinated military attack against Artsakh. He also submitted a statement for the Congressional Record.
“Azerbaijan’s continued actions against the people of Artsakh have created a humanitarian disaster and amounted to ethnic cleansing,” said Rep. Schiff. “We must ensure that those responsible are held accountable and that the innocent victims of Artsakh are compensated for their immense losses. My legislation will provide a mechanism for justice and financial restitution for those who have lost everything due to Azerbaijan’s aggression.”
"Thank you Congressman Schiff for your unwavering commitment to the Armenian people and causes. This bill is the embodiment of human rights, dignity, compassion, fairness, and justice for the people of Artsakh and their eventual return to their homeland after the ethnic cleansing of Artsakh carried out by Azerbaijan,” said Sarkis Simonian, Chairman, Armenian National Committee of America (ANCA) Burbank.
“We join with Congressman Schiff in seeking U.S. Presidential authority to seize Azerbaijani assets and transfer them to an Artsakh Revenue Recovery Fund – a bold move to secure a measure of justice for Azerbaijan’s crimes against Artsakh and the Armenian nation,” said Aram Hamparian, Executive Director of the Armenian National Committee of America (ANCA).
Schiff’s Artsakh Revenue Recovery Act would:
- Require all U.S. financial institutions holding Azerbaijani sovereign assets to report these assets to the U.S. Treasury's Office of Foreign Assets Control. Within 60 days of enactment, the President must block transactions involving these assets, and within 90 days of blocking, seize them.
- Establish the Artsakh Revenue Recovery Fund which will receive seized Azerbaijani assets and then use those funds to provide compensation to eligible Armenians displaced from Artsakh for lost revenue from their property, businesses, and employment due to the military assault by Azerbaijan.
- Seize personal assets in the United States and create visa restrictions on senior Azerbaijani officials and their immediate family members who were involved in or supported the military offensive against Artsakh.
- Establish a streamlined process for eligible displaced Armenians to submit claims for compensation from the Fund.
The Artsakh Revenue Recovery Act of 2024 is cosponsored by Representatives Frank Pallone (D-N.J.), Anna Eshoo (D-Calif.), Gabe Amo (D-R.I.), Joyce Beatty (D-Ohio), Jim Costa (D-Calif.), Josh Gottheimer (D-N.J.), Doug LaMalfa (R-Calif.), Seth Magaziner (D-R.I.), James McGovern (D-Mass.), Grace Meng (D-N.Y.), Kevin Mullin (D-Calif.), Grace Napolitano (D-Calif.), Eleanor Holmes Norton (D-D.C.), Jan Schakowsky (D-Ill.), Linda Sánchez (D-Calif.), Brad Sherman (D-Calif.), Dina Titus (D-Nev.), and Lori Trahan (D-Mass.).
To read the full bill text, click HERE.
Schiff’s 30th Congressional District, which includes the cities of Burbank and Glendale, is home to the largest Armenian diaspora community in the country. In 2019, the U.S. House passed Schiff’s resolution officially recognizing the Armenian Genocide with broad bipartisan support.
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