Russian lawmaker drafts bill on Foreign-Asset Freeze
A member of Russia’s ruling party proposed a law that would allow the seizure of foreign states’ assets in the country after the U.S. and its allies targeted President Vladimir Putin’s inner circle including a childhood friend with asset freezes and travel bans.
The draft seeks to benefit citizens or companies that had property outside Russia seized under an “unlawful” judgment from a foreign court.
The government would use budget funds to compensate the victim, and the courts would have the right to go after foreign states’ assets in Russia, including property under diplomatic immunity, according to the proposal.
The EU and U.S. have targeted individuals, companies and the finance, energy and defense industries to punish Russia for the annexation of Crimea in March, while accusing Putin of supporting a separatist insurgency in eastern Ukraine.
Russian stocks and the ruble fell for the first time in three days in Moscow. The benchmark Micex Index (INDEXCF) declined 0.4 percent to 1,436.05 at the close, and the Russian currency weakened 0.9 percent to 38.4925 per dollar as of 6 p.m.
The U.S. is Russia’s fourth biggest trading partner, with about $43.8 billion flowing between the nations last year, according to data compiled by Bloomberg.
Source: bloomberg- Russian lawmaker drafts bill on Foreign-Asset Freeze
