Russian authorities are preparing a draft law allowing the confiscation of assets belonging to Western states that have unlawfully seized Moscow’s property and funds, Russian media reported, citing documents prepared by the government’s legislative commission.
The draft law outlines a legal procedure and specifies that targeted assets will be transferred to Russian state ownership following a court decision. A state commission on foreign investments will compile the list of assets and funds subject to confiscation.
In May, Russian President Vladimir Putin signed a decree establishing the framework for seizing the assets of United States (U.S.) companies and individuals as compensation for any Russian assets confiscated by Washington.
The draft law states it will target “hostile” Western states and associated individuals, enabling Moscow to seize assets as compensation for financial damages Russia has incurred due to the unlawful confiscation of its funds and property. The commission is reportedly set to review the draft law next week.
Russian media cited two sources who said the draft law was prepared by the Ministry of Justice and added to the commission’s agenda on January 20th.
Furthermore, it was reported that the document has been approved by the relevant authorities, including the Bank of Russia, the Ministry of Finance, the Ministry of Economic Development, and the Ministry of Foreign Affairs.
Washington and its Western allies have frozen approximately 300 billion dollars of Russian assets held in Brussels’ Euroclear since the escalation of the Ukrainian conflict in 2022. Kyiv has repeatedly called on its Western supporters to seize Russian assets and use them to fund its military and reconstruction efforts.
