Putin’s new decree allows Moscow to take control of foreign property in Russia

RUSSIA – LEGISLATION

Russian President Vladimir Putin has signed a decree that will temporarily allow Moscow to take control of foreign property in Russia. This will come in the event of the seizure of Russian property abroad.

The TASS news agency reported that the decree covers the Russian unit of German gas importer Uniper and the assets of Finnish company Fortum Oyj.

Putin's new decree allows Moscow to take control of foreign property in Russia

The preamble to the decree, published on Tuesday, states that it was adopted in connection with “the need to take urgent measures” and is a response to “illegal actions by the United States and other countries aimed at seizing or restricting the property rights of Russia, its companies and citizens”.

Russian property and assets (securities and stakes in charter capitals of Russian companies) of legal entities of these states will be put under temporary administrative administration in case of such unfriendly steps or if there is a “threat to national, economic, energy and other types of security” and defence capability.

Administrative asset manager

The Federal Agency for State Property Management (Rosimushchestvo) will assume the functions of temporary administration of foreign property in Russia.

The administrative administrator will perform the duties of the owner, “except for the authority to dispose of the property”. He will also conduct an inventory of the externally managed property and ensure its safekeeping.

“The costs associated with the administration of the property will be covered by income from its use. Administrative management may be terminated by a decision of the Russian president,” the document reads.

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