{"id":3550,"date":"2024-09-19T13:02:37","date_gmt":"2024-09-19T20:02:37","guid":{"rendered":"https:\/\/www.armeniancouncil.org\/ACA\/?p=3550"},"modified":"2024-09-20T22:05:34","modified_gmt":"2024-09-21T05:05:34","slug":"rep-schiff-introduces-the-bipartisan-artsakh-revenue-recovery-act-to-seize-azerbaijani-assets-compensate-displaced-armenians","status":"publish","type":"post","link":"https:\/\/www.armeniancouncil.org\/ACA\/rep-schiff-introduces-the-bipartisan-artsakh-revenue-recovery-act-to-seize-azerbaijani-assets-compensate-displaced-armenians\/","title":{"rendered":"Rep. Schiff Introduces the Bipartisan Artsakh Revenue Recovery Act to Seize Azerbaijani Assets, Compensate Displaced Armenians"},"content":{"rendered":"

WASHINGTON, DC \u2014 Congressman Adam Schiff (D-CA) introduced the bipartisan\u00a0Artsakh Revenue Recovery Act of 2024<\/strong><\/a>, alongside almost 20 co-sponsors, in conjunction with the one-year anniversary of Azerbaijan\u2019s military assault against Artsakh.<\/p>\n

The legislation, which holds Azerbaijan accountable for its unjust actions, gives authorization to the U.S. president to seize Azerbaijan\u2019s 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\u2019s ethnic cleansing.<\/p>\n

\u201cAzerbaijan\u2019s continued actions against the people of Artsakh have created a humanitarian disaster and amounted to ethnic cleansing,\u201d\u00a0said Rep. Schiff.\u00a0\u201cWe 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\u2019s aggression.\u201d<\/p>\n

The legislation will require all U.S. financial institutions holding Azerbaijani sovereign assets to report these assets to the U.S. Treasury\u2019s 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.<\/p>\n

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.<\/p>\n

The\u00a0Artsakh Revenue Recovery Act of 2024\u00a0is cosponsored by Representatives\u00a0Frank Pallone (D-NJ),\u00a0Anna Eshoo (D-CA),\u00a0Gabe 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 S\u00e1nchez (D-CA), Brad Sherman (D-CA), Dina Titus (D-NV), and Lori Trahan (D-MA).<\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON, DC \u2014 Congressman Adam Schiff (D-CA) introduced the bipartisan\u00a0Artsakh Revenue Recovery Act of 2024,…<\/p>\n","protected":false},"author":1,"featured_media":3551,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"yes","footnotes":""},"categories":[19,2],"tags":[],"class_list":["post-3550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation","category-news"],"featured_image_urls":{"full":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff.jpg",670,450,false],"thumbnail":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff-150x150.jpg",150,150,true],"medium":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff-250x168.jpg",250,168,true],"medium_large":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff.jpg",640,430,false],"large":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff-400x269.jpg",400,269,true],"1536x1536":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff.jpg",670,450,false],"2048x2048":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff.jpg",670,450,false],"covernews-slider-full":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff.jpg",670,450,false],"covernews-slider-center":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff.jpg",670,450,false],"covernews-featured":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff.jpg",670,450,false],"covernews-medium":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff-540x340.jpg",540,340,true],"covernews-medium-square":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff-400x250.jpg",400,250,true],"rpwe-thumbnail":["https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff-45x45.jpg",45,45,true]},"author_info":{"display_name":"ArmenianCouncil","author_link":"https:\/\/www.armeniancouncil.org\/ACA\/author\/armeniancouncil\/"},"category_info":"Legislation<\/a> News<\/a>","tag_info":"News","comment_count":0,"jetpack_featured_media_url":"https:\/\/www.armeniancouncil.org\/ACA\/wp-content\/uploads\/2024\/09\/adam-schiff.jpg","_links":{"self":[{"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/posts\/3550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/comments?post=3550"}],"version-history":[{"count":2,"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/posts\/3550\/revisions"}],"predecessor-version":[{"id":3553,"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/posts\/3550\/revisions\/3553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/media\/3551"}],"wp:attachment":[{"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/media?parent=3550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/categories?post=3550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.armeniancouncil.org\/ACA\/wp-json\/wp\/v2\/tags?post=3550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}