Establishes a procedure to seize United States' assets

On 23 May 2024, the President of the Russian Federation issued Decree No. 422, establishing a procedure to seize the assets of United States or United States legal persons and individuals as compensation for damages caused by the United States. The decree allows the Government and the Central Bank of the Russian Federation (CBR) to file claims in courts for the deprivation of property by the United States and seek compensation. If the court finds the claim valid, the Government Commission on Control over Foreign Investments (FDI Commission) will identify suitable United States assets in the Russian Federation for compensation, including real estate, securities, and other property.

Following this procedure, the identified assets might be seized and transferred to the Government or the CBR. The procedure will be specified within four months. The decree entered into force upon its official publication.

• Type:

  • Treatment and operation (Nationalizations and expropriations)

• Industry:

  • Not industry specific

• Sources:

  • publication.pravo.gov.ru, Указ Президента Российской Федерации от 23.05.2024 № 442, http://publication.pravo.gov.ru/document/0001202405230005, 23 May 2024
  • lexology.com, Update: Russia Introduces Framework to Seize US Assets Within its Territory, https://www.lexology.com/library/detail.aspx?g=09850d40-0b32-4ccd-9ed9-ae1bc6f3206c&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+General+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2024-05-27&utm_term=, 23 May 2024