Schiff seeks seizure of Azerbaijani assets to fund Artsakh Revenue Recovery

PanARMENIAN.Net - Congressman Adam Schiff (D-CA) has introduced a bi-partisan bill to seize Azerbaijani assets for transfer to an Artsakh Revenue Recovery Fund that would be established to compensate Armenians forcibly driven from Nagorno-Karabakh (Artsakh) for lost revenue resulting from the ethnic cleansing perpetrated by Azerbaijan.

“Azerbaijan’s continued actions against the people of Artsakh have created a humanitarian disaster and amounted to ethnic cleansing,” the ANCA quoted Rep. Schiff as saying upon introduction of the measure. “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.”

Joining Rep. Schiff as original cosponsors of the bipartisan measure are Congressional Armenian Caucus Co-Chair Frank Pallone (D-NJ) and Representatives Gabe Amo (D-RI), Joyce Beatty (D-OH), Jim Costa (D-CA), Anna Eshoo (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).

The Artsakh Revenue Recovery Act aims to hold Azerbaijan accountable by:

— Making the Azerbaijani government liable for compensating ethnically cleansed Armenians.

— Establishing the Artsakh Revenue Recovery Fund to compensate for lost property and business revenue. If Azerbaijan refuses, the bill authorizes the seizure of Azerbaijani sovereign assets in the U.S. to cover these payments.

Notably, the bill reaffirms the right of return for Artsakh’s Armenians by recognizing their property rights. Compensation through asset seizures will not transfer ownership of Armenian property, ensuring Armenians can reclaim their homes and businesses.

In a statement submitted to the Congressional Record marking the first anniversary of Azerbaijan’s military assault on NK and the subsequent forced depopulation of NK’s indigenous Armenian population, Rep. Schiff stated, “Azerbaijan must accept responsibility for the enormous humanitarian crisis that its blockade and military assault on Artsakh created. It must release the hostages and prisoners and commit to the preservation of Armenian cultural heritage. It must assure those who have property in Artsakh the ability to return to their ancestral home and to rebuild their lives and ease the suffering of refugees now. Azerbaijan must accept the responsibility to compensate lost revenue of those who left Artsakh. This compensation cannot fully address the disruption to lives. But, it is an important start to address the current suffering of those who lost so much.”