Following the US proposal to sell off Russian-owned assets and pay their earnings to Ukraine, Russian lawmakers proposed Sunday seizing the Russian-based assets of countries it considers hostile, as a reciprocal measure.

"In this regard, it is right to respond to a business located on the Russian territory, whose owners are from unfriendly countries where such decisions [financial sanctions] are made and to confiscate their assets," according to Russia's lower house of parliament's speaker, Vyacheslav Volodin. 

"The proceeds from the sale of assets can be used for the development of our country," he said on his Telegram channel. 

Volodin accused "a certain number of hostile countries -- Lithuania, Latvia, Poland, and even the United States" -- of flouting international law and "resorting to pure theft".

He said, "today, Russian businessmen are buying foreign companies operating in Russia, and purchasing the shares of partners who want to quit our market," urging "hostile" countries to "act in a civilized manner and respect international law."

Volodin's statements came after US President Joe Biden declared a proposal to increase economic pressure on Russia, with enhanced seizure and forfeiture procedures that allow Russian-owned seized assets to be "sold off" to "remedy the harm Russia caused and to help build Ukraine."

"A dangerous precedent has been set, which could boomerang back on the US itself," Volodin said.

"This decision won't affect our country's economy. The yachts, villas, and other assets of rich (Russian) citizens contribute nothing to the development" of Russia, he said.