Рейтинг@Mail.ru
RusEng

News

Federation Council approves bill on responsive measures against confiscation of Russian property

14:15 28/10/2015

MOSCOW, October 28 (RAPSI) – The Federation Council on Wednesday approved a bill allowing Russian state to limit judicial immunity of certain foreign states as a retaliatory measure against unlawful arrests of Russian property in those countries, RIA Novosti reported.

According to the bill, judicial immunity of foreign state may be limited if such state on its own volition and within its own borders is limiting Russian judicial immunity.

The bill is to be approved by the Russian president.

The bill stipulates that Russian courts may order a seizure of a foreign state’s assets (currently allowed with approval from the respective state). However, Russia may only exercise the right on a mutual basis, that is, if the court rules that the country is involved is restricting Russia’s sovereign immunity.

The Ministry of Justice explained that the bill would ensure “a jurisdiction balance” in Russia’s relations with other states. The ministry says that the number of lawsuits against Russia and its authorities filed with foreign courts is consistently growing. However, the claimants are not requesting Russia’s consent to be involved in the case. Lately, Russia has closed several international agreements on mutual protection of investments. The contracts provide for investment related disputes to be heard by international commercial courts. If Russia recognizes the jurisdiction of foreign states it implies that it renounces its own sovereignty, according to the bill’s authors.

In mid-June, several EU countries arrested Russia’s state assets under the lawsuit by former Yukos shareholders. The Russian Foreign Ministry announced that Moscow sees such an action as a serious violation of international law and that the rulings would be appealed. Sergei Gavrilov, Head of the State Duma Committee on Property Issues, announced that he intended to draft a bill that would protect Russia’s property abroad.

Share thisE-mail this articlesubmit newsAdd to blogrss feed
Add to blog
To link to this material, copy the code to your blog.
Publishing code:
Preview:

Federation Council approves bill on responsive measures against confiscation of Russian property

14:15 28/10/2015 The Federation Council on Wednesday approved a bill allowing Russian state to limit judicial immunity of certain foreign states as a retaliatory measure against unlawful arrests of Russian property in those countries.
Forward news story

All fields are mandatory!

Submit news

All fields are mandatory!

Share this

Top news