Russia cynically plans to confiscate frozen foreign assets
news.online.ua
Fri, 07 Feb 2025 23:02:00 +0200
Foreign assets are under threat in RussiaIn the Russian Federation, the government commission for legislative activity has approved a bill that defines the procedure for confiscating foreign property in response to similar actions by other states with Russian assets.Now this proposal is to be discussed in the Russian State Duma.The bill was developed in development of the decree signed by illegitimate Russian President Vladimir Putin in May 2024 on American property and securities, which Russia can determine as compensation for any losses incurred as a result of the seizure of frozen Russian assets in the United States.According to sources, the new law will apply to all states that have imposed sanctions against Russia in connection with its fullscale invasion of Ukraine.
The decisions will be enforced on claims filed with the arbitration court by state bodies, such as the Central Bank, the Prosecutor Generals Office, and state institutions.
The defendants will be foreign states that have seized Russian assets.
According to the source, type C accounts, which are intended for transactions involving the purchase and sale of foreign currency by a nonresident for currency, may be affected.This could spell trouble for foreign investors, including individuals and large American investment funds, whose billions of dollars have been locked up in these accounts.
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