Russia may respond to the seizure of frozen assets in the West by seizing the assets (including property and cash) of US citizens and investors in Russia, Dmitry Medvedev, deputy chairman of the Security Council of the Russian Federation, said Monday, Reuters reported.
On April 23, the US House of Representatives passed a bill that would allow the Biden administration to seize Russian assets held in US banks and transfer them to Ukraine, a move the Kremlin has called illegal and vowed retaliation.
To sanction Russia, the United States and its Allies have banned economic and trade transactions with Russia's central bank and finance ministry and blocked some $300 billion in Russian assets in the West, much of it held in financial institutions in Europe rather than the United States.
Leading members of the Group of Seven industrial nations are also considering what they can do about frozen Russian assets.
In response, Medvedev said, "We are discussing the cancellation of foreclosures (by U.S. private individuals and investors), such as court decisions to foreclose on private property (including money, real estate and immovable property and their property rights) under Russian jurisdiction."
"Yes, it's a complicated story because these people are often investors in the Russian economy." "We should have guaranteed that their private property rights were not violated," Medvedev said. But then something unexpected happened - their country declared a hybrid war on Russia. We have to retaliate."
Mr Medvedev said Russian laws needed to be changed to allow the seizure of such assets in favour of the Russian government.
Nabiullina, the governor of the Central Bank of Russia, also said on the 26th that Moscow would defend its legal rights if Russian assets were confiscated, but did not disclose specific strategies and tactics.
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