Translated material
Russia will ease the procedure for confiscation of property of foreigners
Russia will be able to confiscate the assets of citizens of countries where “the property of the Russian Federation was unjustifiably seized,” Izvestia reported , citing documents from the government commission on legislative activities. The text of the draft new law has already been agreed upon by the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Economy and the Central Bank, the newspaper wrote, citing the text of the documents.
According to the text of the future bill, confiscated assets of foreigners can be transferred to the state ownership of Russia. The list of assets subject to confiscation will have to be compiled by the government commission on foreign investment. The decision on confiscation should be made in a manner similar to normal confiscation procedures, through an arbitration court, the newspaper writes.
According to the newspaper's source, a government commission will consider the bill next week. The authors of the bill refer to Vladimir Putin’s decree of May 23, 2024 on “compensation for damage caused to the country due to unfriendly actions of the United States.” According to the text of the future law, it will be possible to apply the practice of “damage compensation” to any “unfriendly states and persons associated with them” if they “unreasonably deprived the Russian Federation or Russians of their rights to property.”
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Currently, the legislation provides for other restrictions on the property of foreigners - blocking of assets in accounts and transfer of company shares to state management.
Direct confiscation of the property of foreigners in Russia has not yet been carried out, Artem Kasumyan, a lawyer at the Delcredere Bar Association, told the publication. According to him, until now the authorities have introduced restrictions on the use of money and securities of foreign investors in “type C accounts.”
These accounts became operational in March 2022, allowing the accumulation of funds of foreign individuals for payments on Russian securities or payments for taxes, duties and similar fees.
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Foreigners can no longer alienate some assets without the consent of the Russian authorities, said a Delcredere representative. For example, the sale of a large package of securities must receive permission from the Bank of Russia and Putin personally, the lawyer recalled.
At the same time, Russia practices the transfer of assets of foreign companies “to external management.” This is what the authorities did, for example, with the Russian assets of the French company Danone and the Finnish Fortum, Kasumyan recalled.
In December, the nationalized assets of Danone came under the control of the former Deputy Minister of Agriculture of Chechnya, Ruslan Alisultanov. The assets are estimated at 30 billion rubles; in the summer of 2023, 17 Danone Russia factories were transferred to the Federal Property Management Agency by direct decree of Putin.
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