Russia could retaliate against the United States by seizing assets and property of U.S. individuals and entities within its jurisdiction, as per Dmitry Medvedev, Deputy Chairman of Russia’s Security Council. This reaction comes in light of the U.S. Congress’s recent passage of the REPO Act, which empowers the Biden administration to seize Russian assets in American banks to aid Ukraine.
The REPO Act reflects Washington’s intensified efforts to support Kyiv in the prolonged conflict with Moscow, a stance that has been consistently more aggressive than that of European allies. While the EU deliberates on using profits from frozen Russian assets for defense assistance for Ukraine, the United States has shown a willingness to make more direct financial moves against Russia.
Medvedev’s remarks were made on his Telegram channel, where he stated, “It is obvious that we won’t be able to respond symmetrically to the U.S.’s shameless theft of our assets,” referring to the approximately $5 billion of Russian assets held in the U.S. and the overall $300 billion frozen by Western countries in response to Russia’s actions in Ukraine.
According to Medvedev, “The reason is clear – we do not have a significant amount of U.S. government property.” This asymmetrical response would involve the foreclosure of private properties, money, and movable possessions of U.S. citizens in Russia. He emphasized that the unexpected actions of the U.S., which he equates to declaring a hybrid war, necessitate this response and that Russian law, specifically Article 1194 of the Civil Code, provides a legal framework for such measures.
Russia’s warning that it might reduce diplomatic relations with the U.S. if the assets are seized further underscores the deteriorating relations between the two nations since the start of the conflict. The Kremlin insists that the U.S. House of Representatives’ bill permitting the confiscation of Russian assets would constitute an illegal action that invites retaliation.
While Medvedev acknowledges the complexity of potentially seizing assets of individuals who have invested in the Russian economy, he underscores that Russia’s guarantees of private property rights are challenged by the U.S.’s declaration of a hybrid war against Russia. The law in Russia may need to be adjusted to permit such seizures in favor of the Russian state.
Elvira Nabiullina, the governor of the Russian Central Bank, stated on Friday that Moscow would protect its lawful interests if its assets were seized, but did not reveal the specific strategy and tactics.
Relevant articles:
– Medvedev threatens Russia may seize private US assets if Washington seizes frozen Russian reserves, kyivindependent.com, 04/28/2024
– Former Russian president threatens to seize property of US citizens in response to confiscation of Russian assets, Ukrainska Pravda, Sat, 27 Apr 2024 14:47:04 GMT
– Moscow may seize private US assets in Russia if US seizes frozen reserves, says Putin ally, Yahoo! Voices, Sat, 27 Apr 2024 13:47:29 GMT
– Ukraine-Russia war live: Kyiv ‘hits airfield and oil depots’ in drone attack as US to send Patriot missiles, The Independent, Sat, 27 Apr 2024 22:00:13 GMT
– Ukraine-Russia war live: Kyiv ‘hits airfield and oil depots’ in drone attack as US to send Patriot missiles, Yahoo News Australia, Sat, 27 Apr 2024 10:08:15 GMT