Author Topic: Russia prepares bill on foreign asset freeze in reply to sanctions – senator  (Read 241 times)

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Offline flowers

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A top Russian lawmaker has revealed he is working on a bill that would freeze the assets of European and American companies operating in Russia in reply to Western economic sanctions.

The chairman of the upper house committee for constitutional law, Andrey Klishas, is sure that Russia must have an enough leverage to deal with the threat of sanctions coming from foreign countries.A team of lawyers are currently preparing a separate federal bill that would allow the Russian president and government to confiscate foreign owned property in Russia, including assets belonging to private companies, the senator told the RIA Novosti news agency.

The bill is in response to the major political crisis in Ukraine and the threat of sanctions against Russia coming from the USA and other countries.

“All sanctions must be mutual,” Klishas stated.

The senator added that he had no doubts that such a measure was in line with European standards. “We can recall the example of Cyprus where the confiscation was, in essence, one of the conditions for getting aid from European Union.

Offline Oceander

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That will hurt, but not nearly as much as real sanctions and asset freezes would hurt Russia.  In the US those big companies get lots of attention, but they aren't the only real thing propping up the government.  In Russia the oligarchs - the wealthy, politically connected, Russians with billions in overseas assets - are about the only real thing keeping Putin's government propped up.  If he were to lose the support of the oligarchs, his government would end up failing and he'd be on the run.

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