On Wednesday November 4, Russia’s president has signed legislation enabling countermeasures in the case of the wrongful arrest of Russian state property abroad.
The law, based on reciprocity, curtails the jurisdictional immunity of the country in question if not agreed otherwise.
The law will come into effect in 2016.
The law shall be applicable to all property, including rental, which is administered by the foreign State. The document is available on the official portal of legal information. Authors of the draft law believe that it will help to protect Russia’s property interests.
In June, all Russian institutions in Belgium, with the exception of diplomatic missions, were notified about the seizure of property under a court order of former shareholders of Yukos, demanding compensations in the amount of 1, 6 billion euros.
Also, the process of Russian property seizure was started in France.