Russia Prepares Legal Battle to Stall Seizure of Frozen Reserves
- Officials explore options, see assets confiscation as unlikely
- White House is now backing legislation that enable seizure
The Kremlin palace complex in Moscow, Russia.
Source: Bloomberg
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Russia is devising a legal challenge to snarl any efforts by the US or Europe to confiscate some of its $300 billion in frozen central bank assets in favor of Ukraine, according to people familiar with the matter.
Officials in Moscow, who are studying the possibility of the funds being seized, have concluded such an outcome is unlikely, they said, asking not to be identified because the information isn’t public. The Bank of Russia is currently nearing an agreement with international law firms to represent the country’s interests in case of a court showdown.