SPILF 2024 examines ways to protect property against illegal actions by foreign states

The session ‘International Law and Property: New Challenges and Solutions’ was held as part of the 12th St. Petersburg International Legal Forum (SPILF) on 27 June 2024.

The session addressed how sanctions policies impact guarantees of the inviolability of property. The central theme of the event was the conceptualization and creation of new guarantees to protect property against abuses of cross-border and national instruments of law.

“Today, unfriendly states are violating the norms of international law on state immunity, as well as the rights of private Russian individuals. With this in mind, our country has the right to a commensurate response. In this regard, the Russian presidential decree that outlined the legal framework for the confiscation of U.S. and related person's property in Russia is a timely and commensurate response measure,” Director of the Department of Economic and Civil Legislation of the Russian Ministry of Justice Andrey Kovalenko said.

As part of the mechanism established by the decree, he said a court would consider a case in which the illegal deprivation of property rights would be established and compensation would be awarded for damages. It would be advisable to refer such disputes to arbitration courts, he said.

“The current norms of the Arbitration Procedural Code of the Russian Federation do not regulate these kinds of cases. In this regard, the appropriate amendments need to be made to procedural legislation,” Kovalenko said.

Source: minjust.gov.ru

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