"Putin's Decree: Foreigners Can Exchange Frozen Funds for Blocked Russian Assets Abroad"

Russian President Vladimir Putin has signed a decree allowing foreign investors with frozen funds in Russia to use them to purchase blocked assets of Russians abroad. This move comes as a result of sanctions imposed by the West over Russia's actions in Ukraine, which have led to over 3.5 million Russians having frozen assets abroad worth approximately $16.3 billion. The decree permits citizens of "unfriendly" countries to buy frozen securities held abroad by Russians using funds from special "type-C" accounts in Russia, which are otherwise blocked. Russia plans to unblock accounts worth around 100 billion roubles in the initial phase. The decree is a response to what Russia perceives as "unfriendly and contradictory" actions by the United States and other countries and organizations.