Britain may become first country to "confiscate" Russian assets
New laws would reportedly allow maintaining sanctions on frozen money until Ukraine is compensated | The UK has introduced legislation that would allow for the retention and liquidation of confiscated frozen Russian assets, setting a precedent among Western countries, British media reported on Monday. The new law will allow the British government to keep its sanctions in place until compensation is paid to Ukraine, thus introducing a way for seized Russian money to be handed over to Kiev. According to media reports, the law will ensure that frozen assets belonging to the Russian state and individuals can be seized, making the UK the first European government to take such a step. “Through our new measures today, we’re strengthening the UK’s sanctions approach, affirming that the UK is prepared to use sanctions to ensure Russia pays to repair the country,” British foreign minister James Cleverly said. ● Many Western governments, including Switzerland have so far refrained from confiscation of Russian funds despite increasing pressure from the US and the EU. There is fear that it would set a precedent for Western assets held overseas to also be seized and thus jeopardize investor confidence in the European banking system.