Russia Retaliates Against Western Sanctions: Bill to Seize Foreign-Owned Assets Reconsidered, Put to Vote

A bill to allow the government to seize foreign-owned assets to pay back individuals and companies impacted by Western sanctions was reintroduced to Russia’s Parliament for deliberation after one billionaire businessman loses his $40 million estate in Italy over Western sanctions, reports the International Business Times.

The U.S. and EU imposed sanctions against Russia in September over its role in the ongoing war in Ukraine. According to IBT the sanctions were intended to target Russian President Vladimir Putin’s close allies in an effort to increase pressure on Putin.

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Though the Russian Parliament’s lower house approved the draft bill—called the “Rotenberg Law”—in October, it must pass several more rounds of voting before being signed into law.

Critics of the bill claim, according to IBT, that it would only help the wealthy elite at the expense of the “ordinary Russias,” and could potentially cause more economic harm than good.

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Russian Law Proposes Foreign Asset Seizures To Compensate Those Affected By Ukraine Sanctions