According to a recent social media statement by Russia’s Deputy Security Council Chair, Dmitry Medvedev, there may be nationalization of Russian-based assets that are owned by foreigners or businesses registered in “enemy countries”.
Following President Putin’s decision to initiate a military campaign in Ukraine, the US and its European allies formally imposed sanctions on Russia. On Saturday, Medvedev made a comment on Facebook about the restrictions, which also target council members.
“Naturally, these wonderful bans will have no effect… As an example, my family members and I had – and still have – no bank accounts or property in other countries.”
Dmitry Medvedev said that Western leaders are threatening to freeze the accounts of Russian people and firms that are not on the sanctions list, emphasising the need for a proportionate reaction from Moscow. He suggested that Russia freeze the financial assets of foreign people and corporations, and even “nationalize the property of those registered in hostile countries.”
In this case, Medvedev didn’t say which assets he was talking about. The Russian lower house of parliament, the Duma, recently passed legislation that allows the Russian government to seize digital currencies and other assets through the courts.
While this law specifically targets corrupt government officials, Russian authorities are also actively attempting to fully control all cryptocurrency transactions. A report from media sources says that Russian elites and the country may use cryptocurrency to avoid Western sanctions.