Russia Asset Freeze Threat Sends DAX Reeling

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Russia Asset Freeze Threat Sends DAX Reeling (ZeroHedge, Sep 25, 2014):

Germany’s DAX is tumbling this morning (and back in the red for 2014) as The Moscow Times reports Russian courts could get the green light to seize foreign assets on Russian territory under a draft law intended as a response to Western sanctions over the Ukraine crisis. Whether this is retaliation at Italian tax police seizing €30m in assets, including a luxury hotel in Rome and two villas in Sardinia, controlled by Arkady Rotenberg, is unclear, but the timing is highly coincidental and Rotenberg has been a longtime ally of Russian president Vladimir Putin.

As The Moscow Times reports,

Russian courts could get the green light to seize foreign assets on Russian territory under a draft law intended as a response to Western sanctions over the Ukraine crisis.

The draft, which was submitted to parliament on Wednesday by a pro-Kremlin deputy, would also allow state compensation for an individual whose property is seized in foreign jurisdictions.

The draft law, published on a parliamentary database, would allow for compensation for Russian citizens who suffer because of an “unlawful court act” in a foreign jurisdiction and clear the way to foreign state assets in Russia being seized, even if they are subject to international immunity.

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1 thought on “Russia Asset Freeze Threat Sends DAX Reeling

  1. From the beginning, I have said repeatedly that Putin is waging an economic war, and every move he makes has financial results.
    He carefully watched his ally, Hugo Chavez, when he introduced the first electronic currency, the Sucre, for use in his tiny organization, the South American Trade Alliance. Total GDP was about $500 million, too small for US radar. For the first time, member nations could trade with each other using their own currencies, leaving the dollar out. The Sucre translated the value of each currency at the time of transaction, rendering the need for any reserve currency obsolete.
    Putin and China were so impressed by Chavez’ success, they followed suit in November of that same year, 2010. They set up a trade agreement between each other using an electronic currency, leaving the dollar out. Their system allowed for other nations to join.
    China went on to recruit Turkey and other middle east nations. The two nations recruited countries in Central and South America, emerging nations in Africa. After more absurd sanctions on Iran (Iran is a very rich country and a great trading partner for much of the world, US propaganda Iran hurts from US sanctions is a total fantasy), India and Japan joined.
    Australia and New Zealand dumped the dollar as well.
    A couple of months ago, after recruiting better than half the world, China and Russia went public with their de-dollarization movement. At first it surprised me because they started it in late 2010, but then realized they felt strong enough with over half the world in their corner.
    Then, they introduced BRICS, putting up E100 billion into a fund to loan money to small nations not wanting to suffer under US financial pressures. The US used to do stuff like this, but no longer. They use bombs and threats, nothing else.
    Meantime, Putin has kept his brilliant mind on the ball……finance. Russia is making money, not losing it every damn month. Every move he makes affects the pocketbook.
    How I wish he were on our side……

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