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Russian Government Approves Bill to Confiscate Private Foreign Assets

The Russian government has approved a bill that establishes a mechanism for the confiscation of foreign assets in response to “hostile actions” by the United States and several other countries, Russian RBC media reported on February 3.
According to the news agency, the Ministry of Justice stated in its explanatory note that the seizure of Russian assets by “hostile states” is a severe violation of both international law and Russia’s rights as a property owner and creditor.
The mechanism approved by the Russian government commission is reportedly a response to the US law passed in April 2024. On April 24 of last year, President Joe Biden signed a law that allows the federal government to use seized Russian sovereign assets to support humanitarian efforts in Ukraine.
Maria Udodova, a senior lawyer at BGP Litigation specializing in compliance and sanctions law, explained the key difference between the two mechanisms: “In the US version, only sovereign assets can be seized, whereas the Russian version allows for the seizure of both state and private assets within Russia.”
"Foreign entrepreneurs, foreign subsidiaries, and other individuals who own property in Russia may be deprived of it through forced measures solely due to indirect involvement in the seizure of Russian assets abroad," explained Maxim Barashev, managing partner at BBNP , commenting on the draft law.
On December 25, 2024, Japan announced plans to transfer an additional $3 billion to Ukraine, backed by frozen Russian assets.