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The Executive Order was signed in response to unfriendly steps taken by the United States of America aimed at causing damage to the Russian Federation and the Bank of Russia, which run counter to international law, to protect Russia’s national interests, in keeping with Federal Law No. 281-FZ On Special Economic Measures and Coercive Measures, dated December 30, 2006; Federal Law No. 390-FZ On Security, dated December 28, 2010; and Federal Law No. 127-FZ On Measures Impacting (Counteracting) the Hostile Actions of the United States of America and Other Foreign States, dated June 4, 2018.

The President has instructed the Government to establish a special procedure for compensating damages caused to the Russian Federation or its Central Bank if Russian owners’ property title to said property is unjustifiably seized by the decision of the US authorities.

Under this procedure, a Russian rightsholder is entitled to request a court (subject to Russian rules of jurisdiction) to confirm that they have been deprived of their ownership rights to their property and sue for damages. The court shall request the Government Commission on Monitoring Foreign Investment in the Russian Federation to provide a list of US assets that can be used as compensation for damages. This refers to real estate and movable property located on the territory of the Russian Federation, securities, shares in Russian companies and property rights held by the United States or US persons.

By a court ruling, their rights to such US assets shall be terminated and transferred to the Russian aggrieved party in compensation for the damage done to them.

The Executive Order shall take effect on the day of its official publication.