MOSCOW (Reuters) – Russia now has grounds to confiscate Western property after the U.S. Home of Representatives handed laws that may enable the potential switch of seized Russian property to Ukraine, a prime Russian lawmaker mentioned on Monday.
“Washington has handed a legislation on the confiscation of Russian property with the intention to provoke the EU to take the identical step, which will likely be devastating for the European financial system,” Vyacheslav Volodin, the Duma speaker and shut ally of President Vladimir Putin, mentioned.
“Our nation now has each purpose to make symmetrical selections in relation to international property,” mentioned Volodin.
Volodin mentioned that of the $280 billion of Russian property frozen overseas, solely $5 to $6 billion was in the US whereas about 210 billion euros ($224 billion) was within the European Union.
NBC mentioned the Home handed the “REPO Act” which might enable the administration of U.S. President Joe Biden to confiscate billions of {dollars}’ price of Russian property sitting in U.S. banks and switch them to Ukraine for reconstruction.
($1 = 0.9377 euros)
(Reporting by Man Faulconbridge; Enhancing by Toby Chopra)
