Russia to seize foreigners’ funds in retaliation

Russia will respond to the seizure of money of Russian citizens and companies abroad by seizing funds of foreigners and foreign companies in Russia, RIA news agency quoted Dmitry Medvedev, deputy head of the security council, as saying on Saturday.

Moscow does not rule out nationalising the assets of companies registered in the United States, European Union and other “unfriendly jurisdictions”, Medvedev was quoted as saying.

The US had sanctioned and frozen the assets of some Russian oligarchs with the Biden administration taking the rare step of freezing the personal assets of the Russian leader, President Vladimir Putin.

The sanctions are a provocative step but are also largely symbolic given that it’s unclear where Putin’s wealth resides. The status of Putin’s financial holdings has been cloaked in mystery and his money is not believed to be held in the United States.