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A proposed law would allow Moscow to seize Western companies' and individuals' property and accounts in the event sanctions were imposed on Russia over the Ukraine crisis.

"[The bill] would offer the president and government opportunities to defend our sovereignty from threats," state news agency RIA quoted Andrei Klishas, the bill's author and head of the constitutional legislation committee in the upper house of parliament, as saying.

While lawyers were looking over the proposed law to see whether they were constitutional on Wednesday, "we have no doubts that it clearly corresponds to European standards,” Klishas added.

European leaders have threatened sanctions on Moscow if it does not reverse course in Ukraine.

Over the weekend, Russia took control of the Crimea, a strategic Black Sea peninsula that is part of Ukraine but which features a Russian-speaking majority.

Reuters contributed to this report.