Russian President signs decree to seize US assets in Russia

Russian President Vladimir Putin signed a decree on May 23, according to which Russia will identify US assets that can be used to compensate for losses caused by any seizure of Russian assets frozen in the US.

Russian President Vladimir Putin signed a decree to seize US assets. Photo: Tass

According to Tass, the decree lists US securities, shares in companies, real estate, personal property and property rights that are subject to confiscation.

Russia’s move is in response to the Group of Seven (G7) over how it has tapped into about $300 billion in Russian financial assets, such as major currencies and government bonds, that were frozen shortly after Moscow launched a special military operation in Ukraine in February 2022. The US has also passed a law allowing the Biden administration to seize Russian assets held in US banks and transfer them to Ukraine, something Russia has repeatedly called illegal.

The order allows a Russian entity to ask a Russian court to determine whether its assets were unjustly seized and to demand compensation. The court would then order compensation in the form of U.S. assets or assets established by the Russian government's Commission for the Sale of Foreign Assets.

The assets of many foreign investors, including individuals and large US investment funds, are held in special “C-type” accounts in Russia. Money in such accounts cannot be transferred out of Russia without permission from Russian authorities.

KHANH MINH

Source: https://www.sggp.org.vn/tong-thong-nga-ky-sac-lenh-tich-thu-tai-san-cua-my-o-nga-post741314.html