Russia says could seize 'hostile' nations' assets

RUSSIA suggested on Sunday (May 1) that it could seize the Russian-based assets of countries it deems hostile in retaliation for a US proposal to sell off Russian oligarchs’ assets and pay the proceeds to Ukraine. The speaker of Russia’s lower house of parliament, Vyacheslav Volodin said that companies based in Russian territory whose owners are citizens of hostile countries "and where the decision has been taken” to seize Russian assets, “it is fair to take reciprocal measures and confiscate assets”. “And the proceeds from the sale of these assets will be used for our country’s development,” he said on his Telegram channel.

Volodin accused “a certain number of hostile countries – Lithuania, Latvia, Poland and even the United States” – of flouting international law and “resorting to pure theft”. He said that “today, Russian businessmen are buying foreign companies operating in Russia, and purchasing the shares of partners who want to quit our market”. He urged “hostile” countries to “act in a civilised manner and respect international law”.

Volodin’s remarks came after US President Joe Biden announced a proposal to ratchet up economic pressure on Russia, with enhanced seizure and forfeiture procedures. AFP