Russia may start seizing foreign-owned assets if a proposed bill is approved, in an apparent effort to ease the impact of Western sanctions on its wealthiest citizens, according to the International Business Times.
IBT reports that Russian President Vladimir Putin’s “inner circle,” which includes billionaire businessmen and their corresponding companies, have been the primary targets of the U.S. and EU’s recent sanctions in efforts to sway Russia’s support of rebels in the war in the Ukraine.
Thai law firm Chaninat and Leeds has been assisting transnational corporations and small business entrepreneurs with Thai company formation since 1997.
The proposed “Rotenberg Law”—named after Putin ally, Arkady Rotenberg, whose $40 million property in Italy was seized—was passed by the Russian Parliament in early October by a close margin, according to IBT. Before being enacted into law, though, the bill must be passed two more times by the lower house, once by the upper house, and then be signed by Putin.
Opponents of the bill criticize it for “shielding the super-rich from the impact of sanctions at the expense of ordinary Russians,” wrote IBT.
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International Business Times – Russian Law Proposes Foreign Asset Seizures To Compensate Those Affected By Ukraine Sanctions
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