Putin lays groundwork for confiscation of US assets

The property of US-linked entities in Russia could face seizure in response to any confiscation of Russian assets by the US government, according to a decree signed by Russian President Vladimir Putin on Thursday.

The US and its allies have frozen some $300 billion in Russian sovereign assets due to the Ukraine conflict. Western nations are devising ways to use the funds to help Kiev’s war effort against Moscow.

The document released by the Kremlin outlines a future mechanism that would allow any damages caused by the US to be offset by property owned by the US itself or associated entities. The Russian government and central bank would be empowered to seek redress for such losses through a Russian court.

Those who could face potential action against their assets include US citizens or those who reside in the country, or those do most of their business or generate most of their profits there. The property of people “under the control” of such individuals will also be liable, regardless of their nationality and residency.

The court will be able to grant compensation in the form of property physically present in Russia, shares in Russia-registered businesses and property rights. A governmental commission will be responsible for compiling the list of those who could be targeted for compensation...

Moscow has said it considers any form of expropriation as theft and has vowed to retaliate if the West infringes on its property rights.