Russian President Vladimir Putin signed a decree on Thursday allowing the confiscation of assets belonging to the United States, its citizens and companies, to compensate those affected by Western sanctions imposed on Moscow.
The West froze Russian financial assets worth about $300 billion, the bulk of which are central bank reserves, after Moscow ordered its forces to enter Ukraine in February 2022.
Last month, the US Congress passed a law allowing President Joe Biden to use frozen Russian assets in the United States in a special fund to support Ukraine.
The Russian decree will give Russian companies, organizations and individuals who have been subjected to sanctions the right to apply for compensation from the Russian government.
Compensation will be in the form of assets owned by the United States, such as real estate, companies, bank accounts, or stocks, based in Russia.
Many Western companies have left Russia since it launched its attack on Ukraine. Those that remain, or have yet to complete the sale of their businesses in Russia, may now face the risk of their assets being confiscated.
Moscow and Western countries have accused each other of stealing each other's property against the backdrop of asset freezing measures.
Russia has placed a number of Western-owned businesses under "temporary" state authority over the past two years, in steps that Western leaders and companies described as tantamount to "nationalization."
In Europe, where most of the frozen Russian assets are, pressure is mounting over how to use them to support Ukraine.
US Treasury Secretary Janet Yellen on Thursday called on the G7 to think "ambitiously" about how they could use the money to help Kiev.
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