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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Putin Signs Decree to Seize US Assets


Fri 24 May 2024 | 12:55 PM
Israa Farhan

Russian President Vladimir Putin has signed a decree permitting the confiscation of US assets in Russia.

This decision is a response to the US seizure of Russian assets within its borders.

The decree, published in Moscow on Thursday, aims to compensate for the damages resulting from what Russia describes as "unfriendly" actions by the United States against the Russian Federation and its central bank.

According to the new directive, Russian courts can seize assets owned by US citizens, including company shares and property rights.

Furthermore, Russian individuals or entities can petition the court to assess violations of their property rights in the United States and determine the extent of the damages incurred.

The Russian government has been given a four-month deadline to implement the necessary legal amendments to enforce this decree.

Previously, Putin issued numerous warnings against the confiscation of Russian assets. In April, the US House of Representatives voted to seize frozen Russian assets. 

Kremlin spokesperson Dmitry Peskov cautioned the West against such actions, hinting at potential retaliatory measures.

In addition to the United States, the European Union, Switzerland, and other nations have also frozen Russian assets.

The EU has agreed to use the proceeds from these frozen assets to provide military aid to Ukraine in the future. 

The European Commission reports that approximately €210 billion ($227 billion) worth of Russian central bank assets are currently frozen in the EU.

Despite this, the assets have not been confiscated due to concerns within the EU about possible Russian retaliation. Moscow has denounced the freezing of its assets as theft.