Russia, May 31, 2024
In a retaliatory action against the confiscation of Russian assets by the United States, Russian President Vladimir Putin signed a decree allowing for the confiscation of US companies and individuals’ assets within Russia. It was occasioned by the American government’s freeze on Russian foreign reserves and its ban on any transactions concerning them.
The Russian government passes a decree allowing for the seizure of movable property and immovable property, securities, and shares in statutory capital of Russian companies, as well as all other legal entities registered there in Russia owned by the US or the country’s citizens while on its territory. To keep under control of investments from abroad, there is a commission consisting of ministers who make decisions about taking American things as their own. This body defines American items that can help Russia recover from the harm it suffered after our country took away its assets.
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The decree of the Russian President was able to empower Russian Federation copyright stakeholders such as the Federal Agency for Commonwealth of Independent States Affairs, Compatriots Living Abroad, and International Humanitarian Cooperation to prosecute for the confirmation of illegitimate expropriation decisions made by American state or legal bodies and demands for compensation. The government of Russia was compelled by its President to prepare legislative amendments to implement that decree in 4 months.
Observers consider Putin’s move a bold response to the U.S. government’s action; it may escalate tensions between the USA and Russia.
