pokerknight| Putin signs the order! Allow the confiscation of U.S. assets to compensate Russia for losses

Huaxia Times

According to CCTV,PokerknightOn May 23, local time, Russian President Putin signed a presidential decree requiring the Russian government to formulate relevant rules to compensate Russia and the Russian central bank for losses caused by unfriendly measures taken by the United States. and allow the use of US assets in Russia to compensate for the losses caused by the confiscation of Russian assets in the United States.

The presidential decree also allows owners of assets in Russia to sue the United States for illegal confiscation of Russian assets in the United States in accordance with Russian law. In addition, the presidential decree also requires Russian courts and government departments, after receiving the relevant compensation requests, to send to the Russian Government's Foreign Investment Regulatory Commission to check the details of the assets of US legal persons and individuals in Russia, and to carry out compensation work on this basis.

Earlier, in mid-April, the U.S. House of Representatives passed a bill that would allow the Biden administration to confiscate billions of dollars of Russian assets frozen by American banks and transfer them to Ukraine. In this regard, local time, the Russian Foreign Ministry spokesman Zakharovaa posted on the social platform that if frozen Russian assets are confiscated, it will make a "severe" response. Peskov, press secretary of the Russian president, said that the confiscation of Russian assets will become a nail in the coffin of the western economy.

ForPokerknightUnder sanctions against Russia, the United States and its allies banned economic and trade transactions with Russia's central bank and finance ministry, and blocked about $300 billion of Russian assets in the West, most of which are held in financial institutions in Europe rather than the United States.

In recent months, Europe and the United States have been discussing plans for how to use the money to help Ukraine.

Russian Foreign Ministry spokesman Zakharovaa said on Thursday that the EU will feel full retaliation from Russia and that the EU has made it clear that it can no longer be seen as a reliable jurisdiction for investors.

The Ukrainian government has been urging its Western allies to completely confiscate Russia's sovereign assets and use them to pay for Ukraine's military and reconstruction needs. The United States supports the proposal, but European countries oppose it. The German Ministry of Finance stressed that the confiscation of assets itself violated the basic principles of international law.

Earlier, the US government repeatedly announced that it planned to reach an agreement on the use of Russian sovereign assets at the G7 leaders' summit in Italy in June. Although the G7 is close to reaching agreement on the general content, many key details are still under negotiation, according to people familiar with the matter.

U.S. Treasury Secretary Janet Yellen has previously said that funds from the confiscation of Russian assets can be used to assist Ukraine's reconstruction and military needs. She added that the funds raised would not only help Ukraine through 2025, but also over a longer period of time, and it is hoped that these assets will provide practical support in the coming years. "this is a reliable source of funding, and it is important for Russia to realize that we will not give up our support for Ukraine because of a lack of resources."

On May 21, local time, Belgium, which holds the rotating presidency of the European Council, announced that on the same day, the European Council approved a proposal to use the proceeds from the frozen assets of the Central Bank of Russia to provide assistance to Ukraine. According to the proposal, the European Union will provide 3 billion euros to Ukraine this year, 90 percent of which will be used for military assistance.

It is reported that the European Union currently holds about 210 billion euros of Russian central bank assets, most of which are frozen in Belgium. It is estimated that the asset can generate profits of up to 3 billion euros a year. About 90 per cent of the money will be spent on a special fund to provide arms and ammunition to Ukraine, while about 10 per cent will be included in the EU budget to support Ukraine's defence industry.

Source: CCTV News, China News Network, Observer Network, Financial Associated Press

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