Speaker of the House Mike Johnson promoted using seized Russian assets to fund American aid to Ukraine, during an Easter Sunday television appearance, describing the bipartisan plan as "pure poetry."

The embattled Republican leader laid out the potential plan while speaking with former congressman Trey Gowdy on his Fox News show "Sunday Night in America."

"We're not just giving foreign aid," Johnson told Gowdy. "We're setting up a relationship where they can provide it right back to us when the time is right."

The Rebuilding Economic Prosperity and Opportunity for Ukrainians or REPO Act was first introduced by Republican Congressman Michael McCaul last June. The proposed legislation would funnel money seized from Russia into rebuilding Ukraine, as other efforts to provide military aid have stalled in Congress.

"If we can use the seized assets of Russian oligarchs to allow the Ukrainians to fight them - that's just pure poetry," Johnson told Gowdy.

The US currently holds an estimated $5 to 6 billion in Russian bank assets, that it first seized when Russia invaded Ukraine two years ago. Other allies also froze Russian central bank assets held within their countries, resulting in an estimated $300 billion in seized funds.

While the bill has bipartisan support in the House and Senate, it will only be an effective plan if European nations also sign on to fund Ukraine in a similar fashion. The European Union has taken steps towards adopting a similar policy but has not yet made a definitive decision, according to Politico.

"The body of the bill itself is very clear about the need for multilateral action not just with G7 - it also mentions Australia and a couple other areas where there are Russian assets," said Democratic Senator Ben Cardin, according to the Hill.

"So it only works if we can get those who have the largest amounts of Russian assets to work with us. That is made very clearly in the body of the bill."

Ukrainian Foreign Minister Dmytro Kuleba has welcomed the seized asset proposal, writing that his country would "encourage further steps to enable [the seized funds'] practical use for Ukraine's benefit."

"Ukraine is ready to continue working with partners on reaching our ultimate goal: making Russian assets available to Ukraine. The aggressor must pay."