The chairman of Russia’s State Duma on Sunday proposed that Moscow confiscate the assets of representatives of businesses from countries that Russia deems as adversaries, in response to similar measures being considered by these nations.
“A business located on the territory of the Russian Federation, whose owners are from unfriendly countries where such decisions are made” should face a mirror response, Vyacheslav Volodin, who chairs the lower house of parliament, wrote on the Telegram messenger platform. “Confiscate these assets and use the proceeds from the sale to develop our country.”
U.S. lawmakers have proposed legislation that would allow the government to seize Russian oligarchs’ yachts, artwork and other assets, and direct funds from their sale toward humanitarian or military aid in Ukraine.
Other countries, including the U.K., Australia and members of the European Union, have been scrutinizing the assets of a handful of rich and powerful Russians, who they say have profited from close ties to Russian President Vladimir Putin.
Mr. Volodin said “a dangerous precedent has been created, which should boomerang” at the states that undertake such measures. He accused Lithuania, Latvia, Poland and the U.S. as being “simply engaged in theft.”
Sanctions imposed against Russia for its invasion of Ukraine have frozen around $300 billion of the country’s gold and foreign currency reserves, according to Russia’s Finance Ministry. The Russian government has banned foreign investors from exiting local assets.