Russia Set for Global Asset Fight Over Yukos After Seizures
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Russia is bracing for more foreign asset seizures in a clash over the defunct Yukos Oil Co. after France and Belgium began enforcing a $50 billion damages award.
France confiscated insignificant funds in the accounts of Russian companies and diplomatic missions at the local subsidiary of OAO VTB Bank, Economy Minister Alexei Ulyukayev said Thursday. Earlier, Belgium served Russian state-owned lenders and entities with seizure notices as part of a 1.65 billion-euro ($1.9 billion) court ruling, ordering them to declare assets belonging to the Russian state or debts to it.