On 8 October 2014, the Russian Parliament passed the first reading of a new bill which would allow Russia to seize foreign assets on Russian territory and allow Russian citizens who have had their property seized by “unlawful court acts” in a foreign jurisdiction to apply for state compensation.

The draft law was introduced after the recent freeze of assets of Arkady Rotenberg, a longtime ally of President Putin, in Italy last month. Boris Nemtsov, a Russian politician critical of Putin, stated that the bill was an attempt by Putin to protect designated Russian officials and businessmen from the impact of US and EU sanctions.

The Russian bill requires a further two readings in the lower house and an upper house approval before being signed into law.

The Moscow Times News Article

Reuters News Article