Page 43 - RusRPTAug24

Amid discussions in the West about the possible seizure of frozen Russian assets, Putin signed decree No 442 in May. This established a special compensation process for losses sustained by Russia, or the Russian Central Bank, as a result of U.S. actions. The decree enables Russian courts to mandate compensation via U.S.-owned securities in Russia, property rights and shares in Russian companies.
However, the document currently under discussion will simplify the process of seizing foreign-held assets. Likely, the process would resemble assets forfeiture. Claims will be filed by the Central Bank, or the Federal Property, and the government’s Commission on Monitoring Foreign Investments would be tasked with determining the assets for an immediate seizure.
In total, there are about 1 trillion rubles ($12 billion) frozen in Type C accounts. This is far less than the equivalent amount of Russian funds frozen in the west (about $300 billion), but twice as much as the Russian money frozen in the U.S. ($5 billion).
Washington is the most prominent advocate of seizing Russian assets and transferring them to Ukraine, insisting that such a course of action would be legal. But, so far, Europe has refused to do this. Instead, the U.S. has organized its own scheme: Russian assets are not confiscated, but interest earned from them is transferred to Ukraine via debt. Russia, unsurprisingly, claims this is illegal. However, it is unclear whether the Kremlin regards it as de facto confiscation.
Via The Bell.
2.17 Russian business and consumer confidence https://rosstat.gov.ru/central-news?page=1
43 RUSSIA Country Report August 2024 www.intellinews.com