Putin signs decree to retaliate if Russia's assets are confiscated

The decree, announced on April 25 and taking effect the same day, was adopted due to the "need to take urgent measures" in response to the illegal actions of the US and other countries involved in the confiscation of Russian assets, companies and citizens, TASS reported.

According to the decree, the assets of organizations from these countries in Russia will be temporarily placed under Moscow's administrative control, if they make unfriendly moves or pose a "threat to the economy, energy, or national security." The Russian Federal Property Management Agency (Rosimushchestvo) will be the receiver.

"The costs associated with asset management will be offset by the income generated from the activity itself. The President will have the authority to decide when to stop asset management," the decree added.

The decree also shows that Moscow has taken action against two Russian subsidiaries of German energy company Uniper and Finnish energy company Fortum. Shares in both companies are controlled by Rosimushchestvo.

After Russia launched its campaign in Ukraine in February 2022, the West imposed a series of sanctions on Moscow in response, including freezing about $350 billion in state assets, foreign exchange reserves, and assets of the country's tycoons.

European Council President Charles Michel said in October 2022 that the European Union (EU) was considering using seized Russian assets to fund the reconstruction of Ukraine. However, EU officials also acknowledged that the plan to seize Russian assets was unprecedented and complex.

According to VnExpress