Russia's response to asset confiscation may arrive in a matter of days — Bloomberg

In response to the confiscation of frozen Russian assets, Moscow can quickly nationalize and sell off foreign assets as part of a new privatization mechanism. This is reported by Bloomberg, citing a source close to the government.

It is noted that Russian President Vladimir Putin on Tuesday signed a decree on the accelerated sale of state assets in accordance with a special procedure.

"The decree is intended to speed up the sale of various companies, both Russian and foreign, said a source familiar with the matter ... If the European Union begins to seize Russian assets, Moscow may respond with symmetrical measures, the source said," the publication says.

The document limits the pre-sale evaluation to 10 days and accelerates the state registration of ownership. The state-owned PJSC Promsvyazbank will deal with such transactions. Putin's decree emphasizes that the changes are a response to sanctions against Russia.

There are still hundreds of Western companies operating in Russia in various sectors — from banking to consumer goods, including UniCredit SpA, Raiffeisen Bank International AG, PepsiCo Inc and Mondelez International Inc., the agency recalls.