In a significant escalation of economic tensions, Russian President Vladimir Putin has signed a decree allowing the confiscation of American assets in Russia.
This measure is a direct response to the US seizure of Russian assets within its borders.
The decree, published in Moscow on Thursday, aims to compensate for damages caused by what Russia describes as “unfriendly” actions by the United States against the Russian Federation and its central bank.
Under the new directive, Russian courts can now seize assets owned by American citizens, including company shares and property rights.
Additionally, Russian individuals or entities can petition the court to assess violations of their property rights in the United States and determine the extent of damages incurred.
The Russian government has been given four months to implement the necessary legal amendments to enforce this decree.
President Putin has previously issued numerous warnings against the confiscation of Russian assets.
In April, the US House of Representatives voted to seize frozen Russian assets, prompting Kremlin spokesperson Dmitry Peskov to caution the West about potential retaliatory measures.
Beyond the US, 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.
According to the European Commission, approximately €210 billion ($227 billion) worth of Russian central bank assets are currently frozen in the EU.
Despite the freeze, these 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.
This development marks a new chapter in the ongoing economic and political confrontation between Russia and Western nations.
