President Putin allows use of US assets in response to seizure of Russian assets
(Baonghean.vn) - Russian President Vladimir Putin signed a decree to compensate the Russian Federation and the Central Bank for damages caused by the "unfriendly" actions of the United States.
President Vladimir Putin has signed a decree on the procedure for compensation in case of seizure of Russian property in the United States. The document was published on Russia's legal information portal on May 23.
"The injured person has the right to file a petition with the court under the provisions of the jurisdiction, proving the fact of the unjust deprivation of his property, related to the decision of the State or the judicial authority of the United States, in order to receive compensation," the document stated.
The Russian Federation or the Central Bank may act as the person liable for compensation.
To compensate for damages, the property of the United States or those associated with the United States may be confiscated and transferred to Russian organizations and individuals whose property the United States confiscated. The confiscation of US property includes US citizens as well as Americans residing in Russia.
Assets and real estate, securities, shares in companies and property rights may be seized. A list of such assets will be provided to the court upon request by the Government Commission on Foreign Investment Control.
Within four months, the Government must amend the laws necessary to implement the decree of the President of Russia.
According to RIA Novosti calculations based on the latest data, about $5 billion in Russian assets are frozen in the US. At the same time, the volume of US direct investment in Russia by the end of 2022 amounted to $9.6 billion.
In April 2024, the US House of Representatives passed the "REPO Act" that would allow the administration of US President Joe Biden to seize billions of dollars worth of Russian assets held in US banks and transfer them to Ukraine for reconstruction. REPO allows the head of state to decide to seize without congressional approval.
Responding to this decision, Russian State Duma Chairman Vyacheslav Volodin said on April 21: "Washington has made an illegal decision to steal assets. This will certainly undermine the confidence of other countries, businesses and private investors in the United States. And the principle of inviolability of assets on which the global financial system relies will be destroyed."
"Now our country has every reason to make proportionate decisions regarding foreign assets," the Chairman of the Russian State Duma stressed./.
