Multipolarity and Connectivity
Valdai Club to Discuss Confiscation of Russian Assets Abroad
Valdai Club Conference Hall, Tsvetnoy Boulevard 16/1, Moscow, Russia
© Sputnik/Maxim Blinov
On June 27, at 11:00 Moscow Time (GMT+3), the Valdai Club will host a discussion on the confiscation of Russian assets abroad.
Today, we can talk about a fundamentally new aspect of sanctions policy. The US law has now given the US president the power to confiscate some or all of Russia’s sovereign assets. In the past, the head of state had the right, through executive orders, to freeze but not confiscate the property of a foreign country.
How will the new powers of authorities in Russia and the United States affect bilateral relations? To what extent are the assets in Russia and the US comparable? What are the prospects for further mutual expansion of confiscation measures? Which countries that have initiated anti-Russia sanctions can replicate the American experience? And what might the consolidation of these economic barriers in production and trade result in? Participants in this discussion will address these and other related questions.
Working languages: English, Russian.
Today, we can talk about a fundamentally new aspect of sanctions policy. The US law has now given the US president the power to confiscate some or all of Russia’s sovereign assets. In the past, the head of state had the right, through executive orders, to freeze but not confiscate the property of a foreign country.
In April 2024, both houses of the US Congress passed The 21st Century Peace Through Strength Act, which allows the executive branch to seize Russian assets worth $4-5 billion. The total amount of frozen Russian sovereign assets across jurisdictions that have imposed sanctions is estimated to be $300 billion. Under the new law, Russian assets can only be unfrozen if the conflict in Ukraine ends and full compensation is made for Ukrainian material losses.
Russia did not hesitate to respond to the US bill. On 23 May 2024, President Vladimir Putin signed a decree “On a special procedure for compensating for damage caused to the Russian Federation and the Central Bank of Russia in connection with unfriendly actions by the United States.” According to the document, the Russian authorities may use both sovereign funds and funds from individuals to compensate for damages caused by the confiscation of Russian sovereign assets in the US.
How will the new powers of authorities in Russia and the United States affect bilateral relations? To what extent are the assets in Russia and the US comparable? What are the prospects for further mutual expansion of confiscation measures? Which countries that have initiated anti-Russia sanctions can replicate the American experience? And what might the consolidation of these economic barriers in production and trade result in? Participants in this discussion will address these and other related questions.
Speakers:
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Dmitry Timofeev, Director of the Department for Control of External Restrictions of the Ministry of Finance of the Russian Federation
- John Gong, Professor, Vice-President of Research and Strategy at the University of International Business and Economics – Israel; China Forum Expert
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Ekaterina Arapova, Director, Center of Sanction Policy Expertise, Institute for International Studies; Deputy Dean, Department of International Relations, MGIMO University; Ph.D. in Economics
Moderator:
- Ivan Timofeev, Programme Director of the Valdai Discussion Club
Working languages: English, Russian.
Information for the media: Dear journalists, to be accredited for the event, please fill out the form on our website. If you have any questions about the event, call +79269307763.
Links to the live broadcast of the discussion will be posted on all online platforms of the Valdai Club: on the website, X (formerly Twitter), VK, Telegram and Dzen.
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