Russian President Vladimir Putin has signed a decree allowing Russia to seize assets belonging to U.S. citizens and companies, in what is a retaliatory move for any Russian assets confiscated by the American government.
This development was published on the Russian government’s legal portal on Thursday, Peoples Gazette reported.
Putin’s decree coincides with a meeting of top finance officials from the Group of 7 industrialized nations, where the handling of frozen Russian assets is a key topic.
According to the decree, Russian companies, the central bank, and individuals can petition Russian courts to declare the seizure of their property in the U.S. as unjustified.
Following Russia’s 2022 invasion of Ukraine, there have been calls for the confiscation of $260 billion in Russian assets frozen abroad.
However, European officials have expressed concerns over legal and financial stability.
In contrast, U.S. President Joe Biden signed the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act in April, which authorizes the seizure of approximately $5 billion in Russian state assets located in the U.S.
This law is part of a U.S. aid package for Ukraine and other nations, which includes around $61 billion for Ukraine’s defense.
