Russia allows seizure of US property to retaliate for confiscated frozen Russian assets

Russian leader Vladimir Putin has authorised the confiscation of the property of the United States, American citizens, residents, companies operating mainly in the American market, and companies owned by them, in order to pay compensation for confiscated Russian assets.

Source: Radio Liberty with reference to RFE/RL

Details: "The decree allows Russian companies and private individuals to apply to Russian courts with the demand to recognise as unjustified the confiscation of property by the decision of the courts or state authorities in the USA," they wrote.

So, if the Russian court found that the confiscation was unjustified, a special government commission should offer as compensation assets related to the United States and found on the territory of Russia.

Putin's decree allows the seizure of real estate, securities, shares in Russian companies, property rights owned by the United States or American residents and citizens on the territory of Russia.

Background:

• Russia does not have enough Western assets on its territory for proportionate retaliatory confiscation, but it still has ways to retaliate against the West if it dares to seize its international reserves and other state assets.
• On 21 May, the Council of the EU approved the transfer of revenues from taxable excess profits of frozen Russian assets to Ukraine.

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