July 24, 2024
2 mins read

Russia to Retaliate Over $282 Billion Asset Theft

The West froze nearly $300 billion in assets belonging to the Central Bank of Russia shortly after the escalation of the Ukraine conflict in 2022. Most of the immobilized funds are being held in the EU’s largest depositary and clearing house, Euroclear…reports Asian Lite News

Russia will retaliate against the West over its expropriation of the country’s sovereign assets, and the response could be “harsh”, top officials said on Tuesday.

In the wake of the EU announcing that it will start sending the interest earned on frozen Russian assets to Ukraine in the coming weeks, Kremlin spokesman Dmitry Peskov asserted that Moscow will launch legal proceedings against entities involved in the “theft” of some 260 billion euros ($282 billion) of Russian assets, RT reported.

“Such acts of thievery cannot remain without a response,” he said after the European Union’s top diplomat Josep Borrell said that the first tranche of interest earned on the frozen funds, totalling some 1.4 billion euros ($1.5 billion), will be sent to Kiev in the first week of August to fund arms purchases.

“This money is not only stolen, but also spent to buy weapons. It’s hard to imagine anything worse,” Peskov contended, adding that tapping the funds in this manner would violate international law and property rights.

The West froze nearly $300 billion in assets belonging to the Central Bank of Russia shortly after the escalation of the Ukraine conflict in 2022. Most of the immobilized funds are being held in the EU’s largest depositary and clearing house, Euroclear.

In May, the EU approved a plan to use the interest earned on the frozen assets to support Ukraine’s recovery and defence requirements. Under the agreement, 90 per cent of the proceeds are expected to go into an EU-run fund for Ukrainian military aid, with the other 10 per cent to be allocated for supporting Kiev in other ways.

Russian Foreign Ministry spokeswoman Maria Zakharova has also condemned the planned transfer of the funds and promised a “harsh” retaliation, RT reported.

“We have repeatedly said that we will respond very harshly,” she said on Tuesday. “Naturally, we will act in the national interests, and they will feel it, and I think they know it.”

ALSO READ-Moscow Expands Sanctions, Targets UK Security Firms

Previous Story

Cheatle Resigns After Trump Assassination Bid

Next Story

UK to Close Migrant Barge Amid Asylum Overhaul

Latest from -Top News

Trump Targets BRICS Allies with New Tariff

This move coincides with the ongoing BRICS summit being held in Rio de Janeiro, Brazil…reports Asian Lite News US President Donald Trump has announced that an additional 10 per cent tariff will

BRICS Endorses India’s Stand on Terror

The treaty proposed by India within the UN framework aims to provide a comprehensive legal basis for combating terrorism….reports Asian Lite News The leaders’ joint statement, issued after the 17th BRICS summit

BRICS Slams US Tariff Hikes

The leaders criticised developed nations for using environmental issues to justify trade restrictions on developing countries….reports Asian Lite News Rio de Janeiro, July 7 (IANS) Embroiled in a trade war launched by

US Tariffs Pushed to August Amid Talks

In April, Trump announced a base tariff of 10 per cent on most of America’s trading partners and thereafter additional duties ranging up to 50 per cent….reports Asian Lite News US President

Indonesia Joins BRICS Bloc

This year’s BRICS Summit saw an expanded format, reflecting the grouping’s growing relevance in international affairs….reports Asian Lite News Prime Minister Narendra Modi formally welcomed Indonesian President Prabowo Subianto into the BRICS
Go toTop

Don't Miss

Gargash meets Russian Deputy FM

The two sides explored the prospects of further enhancing the

‘I am here’: Defiant President Zelensky in new video

Ukrainian President Volodymyr Zelenskyy posted a video to social media