Russia to Retaliate Against the West Over Frozen Asset Transfer to Ukraine
The Kremlin has issued a warning in response to the European Union’s decision to transfer €1.5 billion in proceeds from frozen Russian assets to Ukraine for defense and reconstruction. Kremlin spokesman Dmitry Peskov emphasized that Russia will retaliate against the West for expropriating its sovereign assets.
European Commission President Ursula von der Leyen announced the transfer on X platform, triggering a strong reaction from Peskov. He deemed the actions as illegal and stated that Russia would respond with a well-thought-out strategy in its best interests.
The frozen assets, totaling nearly $300 billion, were seized by the West after the escalation of the Ukraine conflict in 2022. The EU plans to allocate 90% of the interest earned on these assets to a fund for Ukrainian military aid, with the remaining 10% supporting Kiev’s recovery endeavors. Last month, the Group of Seven nations also agreed to utilize the interest for a $50 billion loan to Ukraine.
Moscow views this transfer of assets as theft and a violation of international law, promising legal action against entities involved. Russian authorities caution that such actions could set a dangerous precedent and jeopardize the Western economic system.