Russia Considers Foreign Asset Seizures Bill to Counteract Foreign Sanctions Against Wealthy Elite

by admin on October 10, 2014

Russia’s Parliament preliminarily passed a bill to seize foreign assets from the US and EU to pay back its wealthy elite who have lost overseas assets under international sanctions, reports the International Business Times.

The US and EU have targeted Russian President Vladimir Putin’s “inner circle” of wealthy businessmen and companies with foreign sanctions because of Russia’s support of the rebels in Eastern Ukraine.

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The draft legislation, dubbed the “Rotenberg Law,” would allow Russians whose “rights are infringed” by foreign courts to apply for compensation, reports IBT. The source of compensation would come from Russia’s own seizure of foreign assets from the country in question.

According to IBT, some critics have said that the law “is shielding the super-rick from the impact of sanctions at the expense of ordinary Russians.”

The bill must pass Russia’s lower house of Parliament two more times before being put to a vote by the upper house and signed into law by President Putin.

Read the full story here:

International Business Times – Russian Law Proposes Foreign Asset Seizures to Compensate Those Affected by Ukraine Sanctions

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