• 21/02/2024 09:34

Russia is preparing for legal battle to avoid confiscation of $300 billion in frozen assets – Bloomberg

Russia has begun consultations with leading lawyers to prevent any attempts by the United States or the EU to confiscate part of the frozen reserves of the Russian Central Bank amounting to $300 billion in favor of Ukraine. This is reported by Bloomberg, citing sources in Moscow who are studying the possibility of confiscating these funds.

Russia is preparing for a legal battle to avoid the confiscation of $300 billion in frozen assets — Bloomberg

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In their opinion, in general, the confiscation of Russian frozen reserves are unlikely, but the Russian Central Bank is negotiating with international law firms about representing its interests in international courts in the event of litigation.

Russian authorities have also hired experts to analyze relevant legislation abroad and precedents in other countries .

At the same time, Russian officials involved in discussions on this issue are confident that consideration of the case in international courts will prevent the transfer of confiscated funds to Ukraine, even if Russia is not able to regain control over them.

They believe that the West has little chance in court and there are no legal grounds for confiscating Russian reserves on the basis of laws adopted after their freezing due to sanctions.

Recall

The Ministry of Finance wrote, that the administration of US President Joe Biden supports a bill that will allow it to confiscate about $300 billion of frozen Russian assets in order to provide them for reconstruction in Ukraine.

According to the Russian Ministry of Finance, due to Western sanctions, Russia has lost access to almost half gold and foreign exchange reserves – about $300 billion from about $640 billion.

minfin.com.ua

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