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ARTICLE · 30 MAY 2024

Investment Protection And Arbitration | Part 3

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In a latest escalation in the political and economic tensions between Russia and the US, the Russian President has issued a Decree No. 442 on 23 May 2024 ("Decree")...

GlobalLitigation, Mediation & Arbitration
Volodymyr Yaremko
Volodymyr Yaremko
Raid Abu-Manneh
Raid Abu-Manneh
B. Ted Howes
B. Ted Howes
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Dany Khayat
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José Caicedo
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Rachael O'Grady
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PART 3: PRESIDENTIAL DECREE PROVIDING FOR A TIT FOR TAT CONFISCATION OF THE US-RELATED ASSETS IN RUSSIA

In a latest escalation in the political and economic tensions between Russia and the US, the Russian President has issued a Decree No. 442 on 23 May 2024 ("Decree") providing for retaliatory confiscation of assets linked to the US, should the US authorities "unjustifiably" deprive the Russian State or the Russian Central Bank ("RCB") of their property rights. Under the Decree, confiscation can be ordered against the assets of private parties (i.e., parties unrelated to the US government) who have committed no wrongdoing.

The measure is published as the G7 ministers negotiate a joint approach on how to best utilise around $300 billion of frozen Russian assets, or profits thereof, to support Ukraine in its efforts to defend against the full-scale invasion of Russia which has entered its third year.1 The timing of the Decree comes shortly after US legislators

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