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Putin Signs Decree Allowing Seizure Of Americans’ Assets If US Confiscates Russian Holdings
President Vladimir Putin has signed a decree empowering Russia to seize assets from US corporations and individuals to compensate for any Russian assets confiscated in the US.
The mandate was published on the Russian government’s legal web on Thursday, as senior finance officials from the Group of Seven industrialized nations began a summit where the issue of what to do with Russian assets frozen in the West was at the forefront of the agenda.
Putin Signs Decree Allowing Seizure Of Americans’ Assets If US Confiscates Russian Holdings
Ukraine and several of its allies have asked for the confiscation of $260 billion in Russian assets held outside of the nation following Russia’s invasion on February 24, 2022. However, European officials have refused, citing legal and financial stability concerns.
Putin | Reuters Image
Putin Signs Decree Allowing Seizure Of Americans’ Assets If US Confiscates Russian Holdings
However, in April, US President Joe Biden signed the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act, which authorizes the administration to collect around $5 billion in Russian state assets in the United States. The legislation was included in a US aid package for Ukraine and other countries, which includes approximately $61 billion for Ukraine’s defense.
However, the United States will likely seize the assets with the approval of the other Group of Seven nations and the European Union.
Putin | Poltico Image
Putin Signs Decree Allowing Seizure Of Americans’ Assets If US Confiscates Russian Holdings
According to Putin’s directive, Russian firms, the central bank, and individuals can appeal to Russian courts to have the seizure of property in the United States declared unreasonable. If the court approves, a government commission will give assets as compensation, which might include property owned by US people or companies in Russia and equities and interests in Russian enterprises.
SOURCE – (AP)
