Russia: Belgian authorities may seize $50 billion in Russian assets

Footage shows former oil giant Yukos' headquarters on Dibininskaya street in Moscow, Thursday, after Belgian authorities moved to seize up to $50 billion (€44 billion) in Russian state assets. Now functioning as offices for Russian state-owned company Rosneft, the images follow news that Belgian court bailiffs are targeting 47 Russian and international entities based in the country including a Russian Orthodox church and the European air traffic agency EUROCONTROL. Bailiffs on Wednesday sent notifications to companies and non-governmental organizations that they must reveal any Russian state assets within 15 days. Only diplomatic assets, such as embassies, are exempt. The bailiffs were reportedly acting at the behest of the Isle of Man-based Yukos Universal Limited, a subsidiary of the Russian energy giant, dismantled in 2007. Calling the process politicized, Russian presidential aide Andrey Belousov said Thursday that Russia will appeal the court's arrest of Russian property, Yukos Universal Limited was awarded €1.6 billion ($1,8 billion) in damages by the Permanent Court of Arbitration in The Hague in July 2014, as part of a total settlement for approximately €44 billion ($50 billion), that the court ruled was owed to its former shareholders and management.