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

Bangladesh’s Dark Side Unveiled in Geneva

Organised by diaspora activists, the exhibit exposed rising rights abuses in Bangladesh post-Hasina…reports Asian Lite News In a bid to spotlight the deteriorating human rights situation and rising persecution of minorities in

India Outpaces Peers in Morgan Stanley Outlook

Global investment firm reaffirms India’s status as top-performing economy in latest growth outlook…reports Asian Lite News India is set to retain its position as the fastest-growing economy among nations tracked by Morgan

Debt deals, austerity still rule Colombo

IMF approves $350 million t ranche as island nation sees early signs of recovery, but challenges persist amid ongoing reforms and rising public discontent….reports Asian Lite News The International Monetary Fund (IMF)

Pakistan misses export target

Pakistan misses export target for 2024-25 despite modest growth, with rising imports widening the trade deficit and prompting urgent cost-cutting measures across key sectors….reports Asian Lite News Pakistan has fallen short of

Patriot test for every Hongkonger

Wider impact hits eateries, schools, media, tourism—raising fear, weakening autonomy Beijing has intensified its national security measures in Hong Kong, moving from the idea of “patriots administering” the region to demanding that
Go toTop

Don't Miss

Russian, Chinese bombers intercepted near Alaska

The incident underscores evolving dynamics in Arctic security, where traditional

Russian embassy in Kabul suspends all services after blast

As a result of the explosion, two members of the