Russia has warned that it may confiscate Western assets in response to a US House bill that would allow the transfer of seized Russian assets to Ukraine. The bill, known as the REPO Act, passed the House on Monday and would give the Biden administration authority to confiscate billions of dollars’ worth of Russian assets held in US banks and transfer them to Ukraine for reconstruction. Russia has argued that the bill is a provocation and that it could damage the European economy, as over 75% of Russia’s frozen assets are held in the EU.