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Washington, D.C. - Today, Congressman Adam Schiff (D-CA) introduced the bipartisan Artsakh Revenue Recovery Act of 2024, alongside almost 20 co-sponsors, in conjunction with the one-year anniversary of Azerbaijan's military assault against Artsakh.
The legislation, which holds Azerbaijan accountable for its unjust actions, gives authorization to the U.S. president to seize Azerbaijan's assets and transfer them to the Armenians of Artsakh who were forcibly displaced from their indigenous lands, as compensation for financial losses as a result of Azerbaijan's ethnic cleansing.
“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.”
The legislation will 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, and within 60 days of enactment, the President must block transactions involving these assets, and within 90 days of blocking, seize them, and in turn establish the Artsakh Revenue Recovery Fund, which will receive seized Azerbaijani assets and use it to provide compensation to Armenians displaced from Artsakh for lost revenue from their property, businesses, and employment due to the military assault by Azerbaijan.
In addition to providing an avenue for financial relief, the Artsakh Revenue Recovery Act of 2024 reaffirms the right of return for Artsakh Armenians to their native lands by recognizing their property rights in order for them to reclaim their homes and businesses.
“We welcome this bipartisan initiative spearheaded by Congressman Schiff. This legislation seeks to hold Azerbaijan accountable for its horrific acts against the Armenians of Artsakh, and to ensure financial relief for those who were displaced and who lost their livelihoods,” said Assembly Congressional Relations Director Mariam Khaloyan.
The Artsakh Revenue Recovery Act of 2024 is cosponsored by Representatives Frank Pallone (D-NJ), Anna Eshoo (D-CA), Gabe Amo (D-RI), Joyce Beatty (D-OH), Jim Costa (D-CA), Josh Gottheimer (D-NJ), Doug LaMalfa (R-CA), Seth Magaziner (D-RI), James McGovern (D-MA), Grace Meng (D-NY), Kevin Mullin (D-CA), Grace Napolitano (D-CA), Eleanor Holmes Norton (D-DC), Jan Schakowsky (D-IL), Linda Sánchez (D-CA), Brad Sherman (D-CA), Dina Titus (D-NV), and Lori Trahan (D-MA).
Established in 1972, the Armenian Assembly of America is the largest Washington-based nationwide organization promoting public understanding and awareness of Armenian issues. The Assembly is a non-partisan, 501(c)(3) tax-exempt membership organization.
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NR# 2024-32
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