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Russia has warned the United States that if it moves forward with plans to confiscate Russian assets, it may seize the assets of US citizens and investors in Russia.
On Saturday, Dmitry Medvedev, a senior security official, stated that such USS actions would trigger a retaliatory response from the Kremlin. This follows a recently passed bill by Congress that gave President Biden the authority to seize Russian assets in American banks and transfer these funds to support Ukraine. According to the Kremlin, this move would be illegal and would necessitate a reaction.
Medvedev acknowledged that Russia lacks significant American state assets, making direct retaliation difficult. He said on telegram, “We do not have a significant amount of American state property, including money, rights and other US assets. Therefore, the answer can only be asymmetrical. It is not a fact that it will be any less painful.” Medvedev continued, “We are talking about the foreclosure, for example by a court decision, on the property of private individuals located in the jurisdiction of Russia (money, real estate and movable property in kind, property rights).”
He also elaborated that these measures would involve changes to Russian law to allow the confiscation of assets in favor of the Russian state in response to what he described as a hybrid war by the US.
Elvira Nabiullina, the governor of the Russian Central Bank, also warned that Russia was prepared to defend its legitimate interests, though he withheld what Russia would do.
Some extra info for you:
Following Russia’s invasion of Ukraine, the United States and its allies have imposed sanctions on Russia, including prohibiting transactions with Russia’s central bank and finance ministry, effectively freezing approximately $300 billion of Russian sovereign assets. Most of these assets are held in European financial institutions, not American ones.
