Russia Fights Back: May Seize Foreign Assets to Counteract Sanctions

“Obama Putin Faceoff” by DonkeyHotey is licensed under CC BY 2.0

The International Business Times reports that the Russian government is reviewing draft legislation that would allow them to seize foreign-owned assets to compensate individuals and companies hit by Western sanctions.

Russia’s wealthy elite and have been targeted by U.S. and EU sanctions in efforts to make Russian President Vladimir Putin feel pressured out of supporting rebels in Eastern Ukraine, according to IBT.

Russia’s Parliament narrowly passed the bill, which now must make it through two more rounds of voting before it is handed to the upper house for debate.

Read the full story here.

Thai law firm Chaninat and Leeds has been assisting transnational corporations and small business entrepreneurs with Thai company formation since 1997.