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Significance Operating restrictions on Western firms since 2022 have expanded into expropriation risks over the last year. This month Putin signed a decree to authorise the seizure of US assets in response to any decision by Washington to confiscate Russian assets. Impacts Confiscation of Western assets in Russia will be met with multiple lawsuits for investment treaty breaches, and vice versa. Western firms that remain in Russia will book substantial losses if they are forced to exit under domestic pressure. Russia’s sovereign assets in the West face an increased risk of seizure amid renewed efforts to funnel frozen Russian funds to Ukraine.
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