Russia Proposes Confiscating US, European Assets If Sanctions Adopted

Tyler Durden's picture

Following warnings from US and European nations over economic (and travel) sanctions against Russia, the upper house of Russia's parliament has struck back. As RIA reports, Russia is mulling measures allowing property and assets of European and US companies to be confiscated in the event of sanctions being adopted. Layers are studying the costitutionality of the 'confiscation' but cite Europe's standards (i.e. Cyprus) as precedent. This is further to the threat to "dump US goverment bonds" issued earlier in the week.

 

Via RIA,

The upper house of Russia’s parliament is mulling measures allowing property and assets of European and US companies to be confiscated in the event of sanctions being adopted against Russia over its threatened military intervention in Ukraine.

 

The bill’s author, Federation Council constitutional legislation committee head Andrei Klishas, said Wednesday that lawyers are currently studying whether the proposed confiscations would be constitutional.

 

“But we have no doubts that it clearly corresponds to European standards,” Klishas told RIA Novosti. “The recent events in Cyprus spring to mind, where the confiscation of assets was the main demand made by the European Union in return for economic aid.”

 

An adviser to President Vladimir Putin said Tuesday that authorities would issue general advice to dump US government bonds if Russian companies and individuals were targeted by sanctions over events in Ukraine.

Perhaps that is why the UK backed away from sanctions so quickly?