UPDATE - Putin signs decree allowing use of US property in Russia as compensation

UPDATES WITH FURTHER INFORMATION ABOUT DECREE

By Burc Eruygur

ISTANBUL (AA) - Russian President Vladimir Putin on Thursday signed a decree allowing the use of American property in Russia as compensation for damages caused by the seizure of Russian property in the US.

The decree containing the corresponding provision was published on the government portal, which instructed the country’s government to establish a special procedure for compensating the damage caused to Russia and its Central Bank by the US government or judicial decisions.

The decree further said that a Russian entity can apply to court to determine if its property has been unjustly seized by a US government or judicial decision.

If the application is accepted, the court will send the request to the government's commission for the control of foreign investment, while the legal commission must devise a list of US property in the country that can be used to compensate for damages caused, “taking into account the principle of proportionality."

“The government of the Russian Federation, within a four-month period, ensures the introduction of changes to the legislation of the Russian Federation aimed at implementing this decree,” the document further said.​​​​​​​