Putin signs decree to confiscate US assets
Published: Thursday, May 23rd 2024, 21:40
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Kremlin leader Vladimir Putin has signed a decree to confiscate American assets in response to the seizure of Russian assets in the USA. This is intended to compensate for the damage caused to the Russian Federation and the Central Bank of Russia by the unfriendly actions of the USA, according to Putin's decree published in Moscow on Thursday. According to this, a court can confiscate assets of the USA and American citizens in Russia, for example in the form of shares, shares in corporations and land rights.
Accordingly, a Russian rights holder can apply to a court and have the infringement of their right to property in the USA established, stating the amount of damage. The court can then have the Legal Commission for the Control of Foreign Investment determine whether and how the damage can be compensated, it said. According to the information provided, the government has four months to make the necessary legal changes to implement the decree.
Previously, the Kremlin had repeatedly warned against confiscating Russian state assets. In April, Kremlin spokesman Dmitry Peskov said that America would have to answer for this if it actually happened. Russia would respond in accordance with its own interests. In April, the House of Representatives in Washington voted in favor of the confiscation of frozen Russian assets.
The EU, Switzerland and other countries have also blocked Russian assets. The EU states recently decided to use the interest income from the Russian central bank's assets frozen in the EU to finance military aid for Ukraine in future. This year alone, up to three billion euros are to be collected. According to the Commission, around 210 billion euros of the Russian central bank's assets are frozen in the EU. However, the assets themselves have not yet been confiscated, partly because there are fears in the EU of possible Russian retaliatory measures. Moscow had criticized the confiscation of the interest income as theft.
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