Russia threatens to seize assets of ‘hostile’ countries for its own development

Speaker of parliament, Vyacheslav Volodin, suggested on Sunday the Russian government could seize assets of countries it considers hostile to Russia.

Russia threatens ‘hostile countries’

Volodin said if the companies are based in Russian territory and the owners are citizens of ‘hostile’ countries, it’s “fair to take reciprocal measures and confiscate assets”.

Any proceeds from the sales of the assets “will be used for our own country’s [Russia’s] development”, Volodin said on Telegram.

The speaker accused Lithuania, Latvia, Poland and even the United States of being ‘hostile’, saying they act civilised while flouting international law and “resorting to pure theft”.

US threaten Russian oligarchs

The threat follows after the United States proposed to sell off Russian oligarchs’ assets and pay the proceeds to Ukraine.

Earlier this week, US President Joe Biden vowed to increase economic pressure on Russia by means of enhanced seizure and forfeiture procedures.

This gives the US an opportunity to seize Russian oligarchs’ assets, which Biden said would be auctioned off to rebuild Ukraine and “remedy the harm Russia caused.”

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In a statement issued by the White House, the proposal is outlined as a “comprehensive legislative package” to “enhance US authority [and] hold Russia and its oligarchs accountable” for the war against Ukraine

Russia scoffed at the threat, saying it won’t affect the economy because the “yachts, villas and other assets of rich Russian citizens contribute nothing” to the country’s development.

A dangerous precedent has been set, which could boomerang back on the US itself, Volodin said.