The Kremlin says the EU's plan to take proceeds from frozen Russian assets is still theft

Dimitri Peskov / Photo: Sergei Bobylev / Sputnik / Profimedia

Russia would consider seizing revenues from its frozen assets in the European Union as a violation of all norms of the global economic system, Kremlin spokesman Dmitry Peskov said on Wednesday.

EU countries have formally adopted a plan to use windfall profits from Russian central bank funds frozen in the EU to defend Ukraine, the Belgian government said this week.

The Group of Seven (G7) froze about $300 billion worth of Russian financial assets shortly after Moscow sent tens of thousands of troops to Ukraine in 2022. The EU expects the funds to bring in around 15-20 billion euros ($16,30-21,70 billion) in profits by 2027.

"We can see that they are careful, they understand the potential danger of such decisions and the potential consequences for themselves that are inevitable. So they went for the lesser option (versus confiscation of the entire property). But even the smaller option for us is nothing less than expropriation," Peskov said at the press briefing.

Peskov said Moscow was still working on a response to such a move and would closely monitor its implementation.

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