Russia, May 30, 2024: The president of Russia, Vladimir Putin, has published an order that permits confiscating foreign property in retaliation against counterparts from the US and other nations.
In response to ‘inimical acts’ of other nations, the directive empowers the ruling authority of Russia to seize and employ the wealth or properties belonging to foreign individuals and organizations. Specifically, it bars any enterprise based in Russia from carrying out any transactions concerning or giving effect to any agreements made by the people to which these restrictions apply.
The action is considered a response of equivalent extent to the extensive economic sanctions that were placed on Russia after it invaded Ukraine. Until now, the Western countries had deprived several of Russia’s oligarchs access to property and prohibited the exportation of significant technologies to Russia.
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Putin said the decree was necessary because the US and its partners have been acting towards Russia in a manner that is unfriendly and violates international law. He stated they had taken away Russian property from Russians and Russian companies without any legal basis while imposing restrictions on what they could own.
America urged the Russian administration to compile names and companies affected by the fresh penalties in ten days. In addition, a detailed description before any financial operation was still under the control of financial institutions, such as the Central Bank and the Ministry of Finance.
According to experts, this legislation could catch major multinational corporations such as McDonald’s, PepsiCo, and ExxonMobil that have invested much money in Russia. It signals a significant intensification of economic conflict between Russia and the West.
