Russia passes bill in response to West's seizure of Moscow assets

Russia is preparing to expand its retaliatory powers against Western asset seizures through new legislation that would allow it to seize frozen funds from foreign companies and investors.

Russia is about to expand its powers to seize foreign assets. (Source: Getty Images)

Specifically, the bill on the procedure for confiscating foreign assets - in response to similar actions by other countries against Russian assets - was passed by the government 's legislative committee this week.

The decision will be enforced through lawsuits filed by state agencies such as the Central Bank, the Procuracy and government agencies before the arbitration court.

The new bill, drafted by the Russian Justice Ministry , is a follow-up to a decree signed by President Vladimir Putin in May 2024 on US assets and securities that Moscow could use as compensation for the seizure of Russian assets frozen in Washington.

Since the Russia-Ukraine conflict began in February 2022, about $300 billion in assets owned by the Russian state have been frozen by Ukraine's allies, including the United States and the European Union (EU).

The bulk of these assets are now managed by the Brussels-based investment bank Euroclear.

Kiev has repeatedly called on Western countries to use these frozen assets to help Ukraine cover military and reconstruction costs.

The administration of former US President Joe Biden supported the proposal, but European countries rejected it due to growing concerns about legal challenges.

The region believes such a move could deal a heavy blow to the Western financial system and the reputation of the euro.

Source: https://baoquocte.vn/nga-thong-qua-du-luat-dap-tra-phuong-tay-ve-viec-tich-thu-tai-san-cua-moscow-303541.html