Biden says the US will seize yachts and luxury apartments from Russian oligarchs with wealth parked in the country: 'We are coming for your ill-begotten gains'

• Biden suggested the US would pursue the massive wealth of Russian oligarchs parked in the country.
• "We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets," Biden said.

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.

Wth Russia stepping up its military campaign in Ukraine, more lawmakers seem to be supportive of targeting oligarch wealth held in the US.

"It would be heartwarming to see seized mega-yachts, mansions and artworks auctioned off to support the Ukrainian people," Sen. Sheldon Whitehouse of Rhode Island told The Washington Post.

Biden emphasized other steps that the US is taking to weaken Russia after its assault on Ukraine, mentioning export controls on certain segments of his economy.

"We are choking off Russia's access to technology that will sap its economic strength and weaken its military for years to come," he said.