russia wants to expand its ability to seize assets of western companies

It is noted that this week, the russian government's legislative commission approved a bill that defines the procedure for russia's confiscation of foreign property in response to similar actions by other countries against russian assets.

Drafted by the Ministry of Justice, the bill is a follow-up to a decree signed by kremlin leader Volodymyr putin last May regarding U.S. property and securities that russia could identify as compensation for any losses incurred as a result of the seizure of frozen russian assets in the United States.

According to Reuters, the new law will apply to all so-called unfriendly states that have imposed sanctions on russia over its actions in Ukraine.

The decisions will be enforced through lawsuits filed with the arbitration court by state bodies such as the central bank, the Prosecutor General's Office and government agencies. The defendants will be foreign states that have seized russian assets.

A source familiar with the discussions around the bill said that the powers could target C-type accounts, which are blocked unless Moscow authorizes it.

Source: Reuters