Putin prepares response to possible reparations loan for Ukraine – Bloomberg
Photo: Vladimir Putin, Russian President (Getty Images)
Russian President Vladimir Putin has signed a decree introducing a new mechanism for the nationalization and rapid sale of foreign assets. This is likely the Kremlin leader’s response to plans to provide Ukraine with a reparations loan, Bloomberg informs.
A source of the outlet said the decree is aimed at speeding up the sale of both Russian and foreign companies. According to the source, if the European Union begins confiscating Russian assets, Moscow will respond with "symmetrical measures."
"In the event of seizure (of Russian assets – ed.), there will be a response," Kremlin press secretary Dmitry Peskov warned today, calling the EU’s plan for a reparations loan to Ukraine an "illegal seizure of Russian property, theft."
Putin’s new decree shortens the previous asset appraisal period to 10 days and accelerates the registration of ownership rights. All such transactions will be handled by the state-owned Promsvyazbank. The document states that these changes were introduced due to sanctions against Russia.
The decree also covers the sale of assets previously owned by Russian investors. The Kremlin has intensified the confiscation of property from Russian citizens, including those with foreign passports and those accused of extremism or corruption. Seized assets are often resold to increase revenue for the state budget.
Bloomberg noted that hundreds of Western companies continue to operate in Russia, including major firms such as UniCredit SpA, Raiffeisen Bank International AG, PepsiCo Inc., and Mondelez International Inc.
Reparations loan for Ukraine
Earlier, the European Union continued exploring ways to use frozen Russian assets to aid Ukraine.
The European Commission is already developing a plan to provide Ukraine with a €140 billion loan, secured by Russian assets.
Ukraine would only have to repay the funds if Moscow agrees to allocate money for the country’s reconstruction and pay reparations.
It is still unclear whether all EU countries will support this plan.
