Putin issues retaliatory order to confiscate US assets in Russia

Moscow issued an order to confiscate American property in Russia in retaliation for the US action to confiscate the country's blocked property for use in Ukraine.

Russian President Vladimir Putin signed a decree allowing the use of American property in Russia. This decision was taken as compensation for the damages caused by the confiscation of Russian assets in the US. According to the Anatolia news agency, this decree instructs the Russian government to establish a special procedure for compensating damages caused to Russia and its central bank. To this end, a Russian entity can ask a Russian court to determine whether its property has been illegally seized. The court then orders the transfer of the compensation and the entity in question can withdraw from the blocked US asset in Russia. The United States and the European Union have blocked Russian assets since February 2022 under the pretext of Russia's attack on Ukraine. After that, Washington passed a law that allows the administration of US President Joe Biden to confiscate Russian assets held in the country's banks and transfer them to Ukraine. An action that Russia called illegal and an example of theft. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, had previously warned that such action by the United States would result in a strong reaction from Russia.