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 Putin approves law on seizure of foreign assets in the Russian Federation

Russian President Vladimir Putin has approved the law on jurisdictional immunity of foreign states in Russia.

The authors of the law believe it can increase the security of Russian property interests at the expense of seizure of assets of foreign states imposing sanctions against Russia's property abroad, Censor.NET reports citing Ukrinform.

According to the law, a Russian court is now able to enact restriction of the immunity of a foreign state property in the event if it imposes more restricted immunity against Russia's assets.

Read more: Belgium seizes Russian state assets, presumably in Yukos lawsiut, - media

That means that the attachment of the property of foreign countries, which have imposed sanctions on the Russian property, will be possible, as it was discussed during the preparation of the law. The assets of foreign states enjoyed absolute immunity in Russia prior to the adoption of the law.

The draft law on attachment of property of foreign states was adopted by the State Duma Oct. 23. It was approved by the Federation Council Oct. 28.

It should be reminded that several European countries froze property of the Russian Federation abroad in the summer of 2015 under the claim of Yukos shareholders to recover compensation in the amount of $50 billion.

Read more: Hague Court has no jurisdiction over Russia - Putin
 
 
 
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