The law on the arrest of foreign property can be introduced in Russia

“The member of the lower house of parliament Yevgeny Fedorov suggested to discuss the draft law “On measures to protect the property rights of the Russian Federation, Russian citizens and Russian legal entities from sanctions imposed by the foreign state (union of foreign states)”, which provides an opportunity to confiscate the property of other states’ representatives located on the territory of Russia” – is reported in the newspaper “Izvestiya”.

According to the draft law, the state will be able to seize the property in response to similar sanctions against Russian property located on the territory of other countries. Owners subjected to sequestration or seizure of property will be able to submit the claim to the Arbitration Court. In case of its positive decision the property will go into a special “without sanctions” fund belonging to the Russian government. Russians suffered from sanctions will receive compensations from this fund.

“After the decision of the court the foreign property goes into a special fund of estate administration from which is paid compensation to organizations or citizens who had been exposed to infringement of their property rights abroad for political reasons. This measure will prevent foreign sanctions, as we have about $ 700 billion of foreign money, and the threat of confiscation of these assets will eliminate the very desire to impose such sanctions”, – the statement of Yevgeny Fedorov is quoted by “Izvestiya”.

The project has already been called “the law of Rothenberg” as assets of Arkadiy Rotenberg who is officially included in the sanctions list of the United States and the EU, were arrested in September by the decision of the Italian court.