Russian President issued a decree authorizes confiscation of US assets

On Thursday, Russian President Vladimir Putin signed a decree allowing the confiscation of assets in Russia belonging to the United States, its citizens and companies, with the aim of compensating those affected by Western sanctions imposed on Moscow.

The value of Russian financial assets that have been frozen is estimated at about $ 300 billion, which includes a large part of the central bank’s reserves, after Moscow sent its troops to Ukraine in February 2022.

Last month, the US Congress passed a law allowing President Joe Biden to use Russian assets frozen in the United States to support Ukraine.

The Russian decree allows Russian companies, organizations and individuals affected by sanctions to apply for compensation from the Russian government.

The compensation will be US assets, such as real estate, companies, bank accounts or shares, based in Russia.

Since the start of the Russian attack on Ukraine, many Western companies have left Russia, so the companies that remain present face the risk of having their assets confiscated.

Russia has placed a number of Western-owned businesses under the control of the temporary state over the past two years, in moves that Western leaders and companies have described as nationalization.

In Europe, where most Russian assets have been frozen, pressure is growing to use them to support Ukraine.

US Treasury Secretary Janet Yellen called on the G7 to think ambitiously about how the money could be used to help Ukraine.