Congressman Adam Schiff introduced a bipartisan bill, which provides for the confiscation of Azerbaijani property and compensation for Armenians displaced from Artsakh.
“The ethnic cleansing carried out by Azerbaijan against the people of Artsakh has led to a humanitarian disaster. We must ensure that the guilty parties are brought to justice, and the innocent victims of Artsakh receive compensation for the enormous losses they suffered,” Schiff said.
The bill says that as a result of Azerbaijan’s aggression, Armenians were forcibly displaced from Artsakh, leaving behind their jobs, businesses, and property that had previously generated revenue and livelihoods, which the Armenians have been unable to recover since. The bill requires all U.S. financial institutions that own sovereign assets of Azerbaijan to submit reports to Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury.
Within 60 days from the day of adoption of the law, the president is obliged to block transactions related to these assets and, within 90 days from the day of blocking, to confiscate them. No later than 180 days after the date of entry into force of this law, the U.S. president must establish an account to be known as the “Artsakh Revenue Recovery Fund”.
According to the bill, seized Azerbaijani assets are to be deposited there, and the funds will then be used to compensate eligible Armenians displaced from Artsakh for the loss of property, business and income from their jobs as a result of Azerbaijan’s military offensive. At the same time, the United States should create a streamlined process for eligible displaced Armenians to receive compensation from the fund. In addition, it is planned to confiscate the personal property of Azerbaijanis in the U.S. and apply visa restrictions to high-ranking Azerbaijani officials and their family members who participated in or supported the military offensive against Artsakh.
