Putin allows seizure of U.S. assets in Russia

Russia will now have jurisdiction over American property in Russia to compensate for damages from the seizure of Russian assets in the United States, according to a decree of Russian President Vladimir Putin on the procedure for compensating damage to Russia from unfriendly actions of the United States.As part of the move, movable and immovable property of the United States, American companies and citizens on the territory of Russia, as well as securities owned by them, shares in the authorized capital of Russian companies and other property rights of the United States and Americans in the country will be subject to seizure.
Under the decree, the Russian copyright holder- Russian government or the Central Bank, has the right to "apply to the court with a claim to establish the fact of unjustified deprivation of his rights to property due to a decision by a US state or judicial authority and to receive compensation for said damage."The decree listed securities, stakes in Russian companies, real estate, movable property and property rights among the U.S.-owned assets potentially liable for seizure.Russia will identify U.S. property, including securities, that could be used as compensation for losses sustained as a result of any seizure of frozen Russian assets in the United States.
According to Reuters report, the assets of many foreign investors, including both individuals and major U.S. investment funds, are held in special 'type-C' accounts Russia introduced shortly after sending its army into Ukraine and being hit by a barrage of Western sanctions in February 2022.Money in those accounts cannot be transferred out of Russia without permission from Russian authorities.Washington has passed legislation allowing President Joe Biden's administration to confiscate Russian assets held in American banks and transfer them to Ukraine, something Russia has repeatedly called illegal.Notably, this decree also comes as G7 finance chiefs meet in Stresa, Italy on Friday and Saturday to negotiate how to exploit the $300 billion worth of frozen Russian assets after Russia invaded Ukraine in February 2022, with the US pushing to bring forward future income from those assets to boost funding for Ukraine’s war effort.