On 23/01/2023 Alexander Linnikov commented on the mechnisms of management of financial assets of the Russian state and private investors blocked in Europe and the US for the news of economics program of the RUSSIA-24 channel. According to the founder of LINNIKOV & PARTNERS, management of assets, including foreign currency, titles and other property, poses a number of problems for the European financial institutions, such as legal justification for operations with “frozen” property, methods of distribution of profits, as well as selection and scope of competence of persons or entities entrusted with the management of assets. Drawing a historical parallel between the events of today and the blocking of Iranian and Libyan assets at the end of the last century, Alexander Linnikov pointed out that there is no transparent and fair practice of management of “frozen” property.
“There is a significant difference between the funds of the Russian Federation itself (i.e. the gold and currency reserves) and assets of Russian citizens and private companies. While in case of the state gold and currency reserves it is theoretically possible to adopt a single judicial act or a single political decision, handling of assets of individuals and will require from the European authorities to conduct a thorough evaluation of all “frozen” assets and their owners. Pursuant to the generally accepted principle of integrity of the right of property, which is honored by the constitutional law of the absolute majority of countries of the world, the right to property may be alienated or otherwise abridged only by the court of law and only for sufficient legal reasons. This is why it’s hard to expect any kind of a sensible decision on the Russian-owned funds and titles from the European and American authorities. Regretfully, the very principle of integrity of private property is in serious jeopardy in the EU and the US, and thousands of Russian nationals risk to lose their property and savings invested abroad”, – says Alexander Linnikov.
LINNIKOV & PARTNERS constantly monitors EU and USA “sanctions” legislation, as well as the practice of its application, and successfully protects the rights of Russian and Belarusian investors in the EU and the USA since the introduction of the first restrictive measures. Successful resolution of disputes between L&P’s principals with foreign financial regulators and “unfreezing” of illegally blocked assets became possible thanks to the coordinated work of the L&P international team and GRIMALDI ALLIANCE. Combination of professional resources and experience of lawyers from different countries, an individual approach to each client and attention to the smallest details and circumstances of each case is the key of success of L&P international team. This approach, in particular, allowed L&P together with Lupicinio Spanish law firm to achieve the abolition of EU restrictive measures against a Russian citizen who previously held high government positions, as well as to enlist the written official position of the American financial regulator OFAC on the inapplicability of US sanctions to the L&P client bank.
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