SOTU: Biden Says the US Will Seize Yachts, Jets and Apartments from Russian Oligarchs

President Joe Biden fired a warning shot at Russian oligarchs during his State of the Union address on Tuesday evening, saying that the US will soon seize much of their wealth in the country.

"We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets," Biden said in his address. "We are coming for your ill-begotten gains."

It comes in the wake of the Russia's invasion of Ukraine. The US has joined European nations in imposing a litany of sanctions intended to cripple the Russian economy and sever its ability to connect with financial markets. Among those punitive measures was blocking Russia's ability to draw from its foreign reserves to finance its invasion or prop up its flagging economy.