Russian President Vladimir Putin signed a decree "On a special procedure for compensation for damage caused to the Russian Federation and the Central Bank of the Russian Federation in connection with the unfriendly actions of the United States of America." The relevant document is posted on the Kremlin's website.
The Russian copyright holder, in accordance with the decree, has the right to apply to the court with an application to establish the fact of unjustified deprivation of his rights to property in connection with the decision of a state or judicial authority of the United States and for compensation for damage. The statement also contains an assessment of the damage.
The court sends a request to the Government Commission for the Control of Foreign Investments for the submission of a list of property of the United States and (or) foreign persons associated with the United States (including if such foreign persons are citizens or residents of this state, the place of their registration, the place of their primary economic activity or the place of their primary profit from the activity is this state), and persons who are under the control of these foreign persons, regardless of their place of registration (a U.S. person), which can be used to compensate for damage.
The Commission will organize the identification of property that can be used to compensate for damage. The list of such property is submitted by the commission to the court.
Such property includes: movable and immovable property of the USA or persons of the USA located on the territory of the Russian Federation; securities owned by the USA or persons of the USA, shares in the authorized capitals of Russian legal entities; property rights owned by the USA or persons of the USA.
Based on the results of consideration of the application, the court will decide whether to establish the fact of unjustified deprivation of the Russian copyright holder of property rights and compensation for damage, or a decision to refuse to satisfy this application.
In accordance with the decree, the decision to establish the fact of unjustified deprivation of the Russian copyright holder of property rights and compensation for damage provides for the termination of rights to the property of the United States or a U.S. person, and the subsequent transfer of these rights to the Russian copyright holder in order to compensate for damage.
The Government of the Russian Federation has been instructed to ensure that amendments to Russian legislation aimed at implementing the decree are made within a 4-month period.
