LIVE UPDATES
Russian President, Vladimir Putin has signed a decree to allow the seizure of United States assets (It's citizen anc companies) inside Russian to compensate those worst hit by Western sanctions against Moscow.
The West froze around $300 billion of Russian financial assets, mostly its central bank reserves, after Moscow ordered troops into Ukraine in February 2022.
And the US Congress last month passed a bill that would allow President Joe Biden to use frozen Russian assets in the United States for a special fund to support Ukraine.
The Russian decree will give Russian companies, organisations and individuals that have been hit by sanctions the right to apply for compensation from the Russian government.
The compensation would come in the form of US-owned assets — such as real estate, companies, bank accounts or shares — based in Russia.
Russia has taken a number of Western-owned businesses under “temporary” state control in the past two years.
In Europe, where the vast majority of the frozen Russian assets are located, pressure is ramping up over how to use them to support Ukraine.
US Treasury Secretary Janet Yellen called for the G7 to be more “ambitious” in how it can use the funds to help Kyiv.
AFP
