Ukraine war: Putin issues decree outlining Russian response to possible seizure of its assets by US
Thursday’s decree stated that a Russian entity can ask a Russian court to determine whether its property has been unjustifiably seized and seek compensation.
The court would then order for compensation to be transferred in the form of US assets or property in Russia from a list that would be drawn up by Russia’s government commission on foreign asset sales.
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The decree listed securities, stakes in Russian companies, real estate, movable property and property rights among the US-owned assets potentially liable for seizure.
Former president Dmitry Medvedev acknowledged last month that Russia holds an insignificant amount of American state property and that any response Russia makes would be asymmetrical, focusing on private individuals’ assets.
The assets of many foreign investors, including both individuals and major US investment funds, are held in special ‘type-C’ accounts Russia introduced shortly after sending its army into Ukraine and being hit by a barrage of Western sanctions in February 2022.
Money in those accounts cannot be transferred out of Russia without permission from Russian authorities.
Washington has passed legislation allowing President Joe Biden’s administration to confiscate Russian assets held in American banks and transfer them to Ukraine, something Russia has repeatedly called illegal.