Putin Decree Appears To Take Aim At Assets Of European Companies Still Active In Russia

"The decree calls for the accelerated privatization of state property to ensure defense capability, but it refers directly to "unfriendly actions" of the United States and other countries and organizations aligned with them that aim to impose "restrictive measures against citizens of the Russian Federation and Russian legal entities." The decree outlines a special procedure for the registration, sale, and transfer of assets, including an accelerated time frame, and names PSB Bank (formerly Promsvyazbank) as the sole organizer of sales of property."

"Putin signed the decree in an apparent response to the EU's consideration of a scheme to loan Ukraine billions of dollars based on frozen Russian assets held in the EU that have been immobilized since Moscow launched its full-scale invasion more than three years ago. European Commission President Ursula von der Leyen floated the idea of a "reparations loan" in her annual policy address to the European Parliament last month."

President Vladimir Putin signed a decree targeting assets of foreign companies that continue to operate in Russia and that have not yet been seized by the government. The decree mandates accelerated privatization of state property to ensure defense capability and explicitly cites "unfriendly actions" by the United States and allied countries imposing restrictive measures against Russian citizens and entities. It prescribes a special procedure and accelerated timeline for registration, sale, and transfer of assets and designates PSB Bank (formerly Promsvyazbank) as the sole organizer of sales. The decree appears to respond to EU consideration of a reparations loan using immobilized Russian assets as collateral to fund Ukraine.

Read at RadioFreeEurope/RadioLiberty