The Russian authorities are developing a legal strategy in case the US and the EU succeed in their efforts to confiscate Russia's $300 billion in foreign reserves.
Source. Bloomberg writes about this with reference to its own sources.
According to them, Moscow has concluded that a decision on confiscation is unlikely, but the Central Bank of the Russian Federation is already preparing to conclude agreements with international law firms that will represent the interests of Russia in court.
The Russian authorities have also turned to experts who are studying the relevant foreign legislation, as well as similar precedents in other countries.
Earlier, the White House supported a law that allows for the confiscation of Russian assets held abroad. They are to be used to rebuild Ukraine.
Putin's spokesman, Dmitry Peskov, said that such decisions would be "another step in disregarding all the rules and norms of international law." The Russian Foreign Ministry called the freezing of Russian assets in Europe, which took place after Russia's invasion of Ukraine, "theft."
If the EU decides to confiscate Russian assets, it will be unprecedented and its consequences will be difficult to predict, experts say.
They emphasize that it is not about the body of the assets, but about the interest that has accrued, which is already about 5 billion euros, and they want to transfer it to Ukraine. The United States will indeed have to change its legislation to confiscate Russian assets. Now the US can confiscate the assets of terrorist states, but Russia does not have this status.
Russia will have little chance of winning a court case in the United States, as courts prefer not to interfere deeply with sanctions policy, considering it a political issue, experts say.
Background. As reported, Ukrhydroenergo is preparing lawsuits against Russia for the destroyed infrastructure, including the Kakhovka HPP.