The United States has proposed working groups of G7 countries to study ways to confiscate frozen Russian assets worth $300 billion. A corresponding plan could be prepared by February 24, 2024, reported December 29 Vedomosti with reference to the Financial Times.
To implement confiscation, teams will have to work through legal issues and also consider ways to mitigate possible risks. One of the main aspects of this remains that the Biden administration can make such a decision unilaterally.
In the EU, this process also has no enforcement practice. It will be difficult to unite actions to confiscate Russian assets, but the West is actively working on this. According to lawyers, it is possible that in the event of successful confiscation, special funds will be created where these assets can be transferred. Previously, the United States had previously offered two options – an international fund or a fund in Ukraine.
Russia may take retaliatory measures to the actions of Western countries. According to the press secretary of the Russian President Dmitry Peskov, the Russian Federation has a list of foreign assets that it can confiscate. He also called the topic “potentially extremely dangerous.”
Let us remind you that the European Union for the first time included among the sanctions measures the possibility of confiscation of financial assets of a legal entity or individual as part of the 12th package of sanctions adopted on Monday, December 18.
Fontanka wrote that earlier the risk of confiscation of Russian assets in Europe was commented on by the head of the Ministry of Finance of the Russian Federation, Anton Siluanov. He stated that if such a decision is made by Russia, there will be an “absolutely symmetrical response” and that the Russian Federation also has enough frozen foreign assets. Until now, there have been no confiscations of foreign assets – at most they were only transferred under the control of Russian managers. Russian authorities have always emphasized that such decisions did not lead to a change of owners, who can always – but on the Kremlin’s terms – return their assets to their control.
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2023-12-29 15:53:07
