Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions, Medvedev Says

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Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions – Former Russian President Dmitry Medvedev has suggested that authorities in Russia may begin seizing funds held by foreign nationals and firms operating in the country. His warning comes as the West continues to put sanctions on Russia for its military invasion into Ukraine.

Nationalization of Russian-based assets owned by foreigners and businesses registered in “unfriendly jurisdictions” could be a response to the prospective seizure of Russian residents’ and companies’ finances overseas. According to a recent comment on social media by Russia’s Deputy Chair of the Security Council, Dmitry Medvedev.

Also Read: Bitcoin Donations Pour in to Help Ukrainian Military Fight Russia

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Following President Vladimir Putin’s decision to conduct a military operation in Ukraine, the US and and its European allies imposed several sanctions against Russia, its banks, and its political and business elites. On Saturday, Medvedev took to Facebook to comment on the steps being taken against council members as well.

“Naturally, these wonderful bans will have no effect. As an example, my family members and I had – and still have no financial accounts or property outside of Russia,” claimed the high-ranking politician who served as Russia’s president from 2008 and 2012.

Dmitry Medvedev said that western leaders are proposing to freeze accounts of Russian citizens and firms that aren’t on the sanctions list, and that Moscow could respond courteously.

He proposed that Russia freeze foreign citizens’ and companies’ financial assets, or even “nationalize the property of those registered in unfriendly jurisdictions.”

Also Read: Analysts Warn of Regulatory Risks if Russia Is Able to Use Crypto to Evade Sanctions

Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions – While Medvedev did not clarify whose assets he was referring to, the Russian lower house of parliament, the Duma, recently passed a bill allowing the Russian government to seek seizure of digital currencies, as well as property and traditional financial assets, through the courts.

While this legislation is aimed at corrupt government officials in particular, the Russian government is also working hard to regulate all cryptocurrency transactions. According to media sources, Russian elites and the country can use cryptocurrencies to circumvent Western sanctions.

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