The author, director of programs at the Russian International Affairs Council, writes:

• “On April 28, U.S. President Joe Biden asked Congress to pass new legislation on the confiscation of Russian property. … Biden’s proposals include the following:”
  • “First, to create an effective mechanism for the confiscation of property located in the United States and owned by sanctioned ‘oligarchs’ or persons involved in illegal activities.”
  • “Second, the Biden Administration is pushing for a mechanism that would allow the transfer of property seized from the ‘kleptocrats’ to compensate Ukraine for the damage caused by military action.”
  • “Third, the confiscation of property that is used to help circumvent U.S. sanctions, as well as the inclusion of sanctions circumvention in the Racketeer Influenced and Corrupt Organizations Act (RICO).”
  • “Fourth, it is proposed to deepen interaction with foreign allies and partners. In the EU, in particular, property worth more than $30 billion has already been confiscated.”
• “While the advantages of these moves will bear fruit in the very near future, disadvantages will make themselves felt later. First of all, Russia itself would move to confiscate Western-owned assets on its territory. …  Another disadvantage for the United States is the significant loss of leverage over certain segments of the Russian elite. … Finally, the victorious march of the authorities of the U.S., the EU and other countries over the fragments of Russian property gives rise to legitimate fears among investors from other countries.” 

Read the full article at RIAC.

This item is part of Russia Matters’ “Clues from Russian Views” series, in which we share what newsmakers in/from Russia are saying on Russia-related issues that impact key U.S. national interests so that RM readers can glean clues about their thinking.

The opinions expressed herein are solely those of the author. White House photo shared in the public domain.