Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions, Medvedev Says – Bitcoin News

Dmitry Medvedev, the former Russian president, has suggested that Russian authorities may start to take funds from foreign citizens and businesses that are in Russia. As the West continues to pay penalties for Moscow’s military invasion of Ukraine, his warning is timely.

Medvedev Warns Persons and Entities From ‘Hostile’ Nations May Lose Their Assets in Russia

The nationalization of Russian-based assets belonging to foreigners and businesses registered in “hostile jurisdictions” is a possible response to the potential seizure of funds of Russian citizens and companies abroad. That’s according to a recent statement by the Deputy Chair of the Security Council of Russia Dmitry Medvedev on social media.

Following President Putin’s decision to launch a military operation in Ukraine, the United States and European allies introduced a wide range of sanctions on Russia, Russian banks, its political and business elites. Medvedev also commented on measures being taken against members of the council by posting to Facebook.

“Naturally, these wonderful bans won’t change anything… As a reference: my family members and I had no – and have no – either bank accounts or property abroad,” said the high-ranking official who was Russia’s head of state between 2008 and 2012.

Dmitry Medvedev remarked that western leaders are threatening to block the accounts of Russian citizens and companies that are not on the sanctions list and emphasized that Moscow’s response should be symmetrical. He suggested that Russia should freeze the financial funds of foreign citizens and companies or maybe even “nationalize the property of those registered in unfriendly jurisdictions.”

Even though Medvedev was not clear about the types of assets that he meant by his words, the Duma lower house of Parliament adopted recently a law which allows Russia to take digital currencies and other assets through its courts.

Although this law targets corrupt officials of government in particular, Russian authorities are actively seeking to fully regulate all crypto transactions. According to media reports, the Russian elites could use cryptocurrency to bypass western sanctions.

What do you think Russia might do to financial assets? Leave your thoughts in the comment section.

Lubomir Tassav

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.