Friday, June 21, 2024

In response to Western sanctions, Russia may ‘nationalise’ foreign assets.

Ex-President of Russia, Dmitry Medvedev took to the airwaves to say that Russia may seize assets and funds belonging to foreign nationals. This warning was made as sanctions are put in place by the West on Moscow for invading Ukraine. According to Medvedev, assets registered in jurisdictions termed hostile can be seized.

This declaration was made shortly after President Putin’s decision to go to war with their neighbor, Ukraine. The US and its allies in Europe took swift action and levied rigorous sanctions against Russia. No sector was spared – Russian banks, businesses and politicians. Medvedev said that these bans would not change anything as he didn’t have any property or bank accounts overseas.

Medvedev headed Russia for four years between 2008 and 2012. Medvedev suggested that Russia will also freeze financial accounts of every foreign citizen and company. Russia would also think about seizing and nationalizing property of those who are registered in countries not friendly to Russia.

Medvedev didn’t specify the type of assets he talked about, but the lower house of the Russian parliament adopted a new law. This law will allow Russia to seize digital currencies using the power of the courts. Seizures will cover financial assets and property. This legislation is meant to cover government officials who are corrupt.

Authorities in Russia are also actively working on comprehensive regulations to check transactions in the crypto sphere. Reports in the media are suggesting that Russian elites and the powers that be could start using crypto to work around the sanctions.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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