The New Russian Bill Shows That Russia is Taking a Beating From the UN

The Russian parliament had given a preliminary approval to a bill that grants it complete possession of all western assets in its country. The assets belong to the countries who had imposed the sanctions. It must seem that the Russians are getting hurt pretty bad by the situation.

However, it was also met with stiff resistance as most of Russia’s opposition almost overtook the voting for the bill by 233 to 202, a very small margin that would have ended otherwise. 

Initially, the Kremlin opposed the new law as well, but after the sanctions hit the Russian economy, the leaders had to consider their other options. An Italian seizure of Russian properties of Russian businessman and Putin supporter Arkady Rotenberg had also prompte the move.

The bill allowed individuals affected by property seizures outside Russia to be compensated through the state budget. It also allows Moscow to seize property of any foreign citizens who had seized the properties of the individuals abroad, even those protected by diplomatic immunity.

I guess Russia is trying to make its ends meet now. However, it would be shooing off some businessmen in Russia simply because their properties, named after them and legally purchased, could be nationalised at any instant. That’s not a very good business climate at all.