Russia warns EU over frozen assets seizure plan: ‘We will go after any state which takes our assets’

Russia issued a warning to European countries on Monday stating it would go after them “in all possible ways” if they attempt to take its assets after reports mentioned that the European Union is looking for ways to leverage hundreds of billions of dollars of frozen Russian assets to help Ukraine in its ongoing fight since its invasion.

The US and its allies had prohibited transactions with the Russian central bank and finance ministry after President Vladimir Putin sent his army into Ukraine in 2022. The allies also blocked $300-$350 billion of sovereign Russian assets, mostly European, US, and British government bonds held in a European securities depository.

EC president wants EU to find ways for financing Ukraine’s defence

European Commission President Ursula von der Leyen wants the European Union to find a way for financing Ukraine’s defence against Russia by using the cash balances associated with Russian assets frozen in Europe, said a Reuters report.

A Politico report said that the European Commission is planning to use Russian cash deposits at the European Central Bank from maturing bonds owned by Russia to fund a ‘Reparations Loan’ for Ukraine.

European countries say that Russia is responsible for the destruction of Ukraine in the deadliest war since World War Two and that Moscow must be forced to pay.

However, some bankers are wary of the effect seizing sovereign assets might have on the confidence that foreign sovereigns have in keeping their money invested in Western government bonds.

‘Seizure of Russian assets amounts to theft by the West’

“If this happens, Russia will pursue the EU states, as well as European degenerates from Brussels and individual EU countries who try to seize our property, until the end of the century,” said former Russian president Dmitry Medvedev in a post on Telegram.

Medvedev, who serves as deputy chairman of Russia's Security Council, said Russia will pursue European states in “all possible ways” and in “all possible international and national courts” as well as “out of court”.

Any seizure of Russian assets amounts to theft by the West and will undermine confidence in the bonds and currencies of the United States and Europe, Medvedev added.

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Earlier, Medvedev said that Russia would take more Ukrainian territory and go after British property around the world after London said it had spent around $1.3 billion of money raised from frozen Russian assets on weapons for Ukraine.

A report by Russia’s state news agency RIA said that the West had made foreign direct investment worth a total of $285 billion in the Russian economy, which could be at risk if Russia’s assets were taken.