BEIJING, May 16. /TASS/. Moscow and Beijing condemn the initiatives on confiscation of assets and property of foreign states and emphasize the right of applying retaliation measures in such cases, according to a joint statement on deepening of partnership signed by Russian President Vladimir Putin and the Chinese leader Xi Jinping.

"The parties condemn the initiatives on confiscation of assets and property of foreign states and emphasize the right of such states to apply retaliation measures in accordance with international legal norms," the statement reads.

Russia and China are determined to mutually protect state property located on their territory, ensure guarantees of safety, integrity and timely return of state property of one of the sides if it is temporarily carried to the territory of Russia or China, according to the statement.

As per the basic principle of international law on sovereign equality of states, "international commitments concerning immunities of states and their property (including sovereign reserves) should be strictly observed," the statement said.