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There isn't an exact replica of this in Premiere Pro, but depending on what exactly you need, you might find some help in this:
Mark a section of your sequence using in and out points, and then target the tracks you want in your range. Then, use either the Lift or Extract commands; they're found in the Sequence menu or with their keyboard shortcuts. Lift cuts the segment but doesn't ripple, while Extract cuts the segment and then ripple deletes the gap that was created. Either way, the cut segment will be placed on the clipboard so that you can paste it wherever you like.
Not exactly the same, but it might get you what you need. You might consider filing a feature request: Adobe Feature Request/Bug Report Form
This is helpful. Is there a way to copy the selected portion without Lifting or Extracting at all? Just (Edit > Copy / Paste) maybe?
Lasso the desired clips. Copy/Paste as normal. Trim any unwanted portions.