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29 Dec, 2023 14:28

Russia warns West of retaliation over asset grab

The US is reportedly pushing the G7 to expropriate $300 billion in frozen funds
Russia warns West of retaliation over asset grab

Russia will retaliate in kind to the potential confiscation of its assets by Western countries, Kremlin spokesman Dmitry Peskov told journalists on Friday.

Russian authorities have assessed the unpredictability of the opposing side, as well as their tendency to violate international and other laws, Peskov stated, adding that, for now, confiscation of foreign assets in Russia can only be considered in theoretical terms.

“When they [Western powers] started piling unprecedented economic sanctions on us, they did not think about the boomerang effect at all, but now it is obvious,” Peskov said, adding that a number of sanctions supporters are now wondering whether they did the right thing.

According to the official, Moscow has a list of US, European, and other assets that would be seized if the G7 nations decided to confiscate the $300 billion in frozen reserves belonging to the Russian state.

“Of course, we analyzed possible retaliatory steps in advance. And we will do everything so that they best suit our interests. But in general, no theory can be legal; it can only be pseudo-legal,” Peskov explained.

He emphasized that taking any step of the kind by the West would amount to “theft,” violate international law, and undermine reserve currencies, the global financial system, and the world economy.

“This is fraught with serious consequences,” the Kremlin spokesman warned, adding that it would undermine other countries’ confidence in the US and the EU as economic guarantors.

Earlier this month, the Financial Times reported that Washington had proposed that working groups from the G7 explore ways to confiscate $300 billion in frozen Russian assets on February 24, 2024, the second anniversary of the start of hostilities in Ukraine.

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