NewsRussia warns EU over plans to use frozen assets for Ukraine aid

Russia warns EU over plans to use frozen assets for Ukraine aid

Dmitrij Pieskow warned the Europeans
Dmitrij Pieskow warned the Europeans
Images source: © Getty Images | Anadolu
11:11 AM EDT, March 26, 2024

Russia has stated it will not ignore the EU's decision to allocate revenues from frozen Russian assets to Ukraine, as announced by Dmitry Peskov, the Russian president's press spokesman, according to the TASS agency. He also cautioned Europeans against such actions, stating they are "cutting off the branch they are sitting on".

Please note: Russian media and government communications often contain propaganda. These messages are part of the information war conducted by the Russian Federation.

"Europeans should be aware that we will contest this decision. It might take years, even decades, but we won't let it stand," Dmitry Peskov commented on the EU's plans to redirect funds from frozen Russian assets to Ukraine.

Peskov argued that adopting such a policy would damage Europe's appeal to investors, undermining the principles of commercial law and the economic foundation itself.

"Since the sanctity of private property or a state's right to its assets is fundamental, violating this principle even once would trigger immediate backlash from investors and severely tarnish the reputation they've built over many decades. Simply put, they are undermining their own stability," he explained.

EU stance on Russian assets

Last week saw the commencement of an EU summit, where discussions included a strategy to use profits from frozen Russian assets to support Ukraine's defense efforts.

Josep Borrell, the EU's chief diplomat, outlined a plan that proposes directing 90 percent of the profits from Russian assets held in Europe towards purchasing weapons for Ukraine. Borrell suggested that this approach could generate approximately $3.3 billion annually for Ukraine.

Following Russia's invasion of Ukraine in February 2022, Western nations froze nearly half of Moscow's foreign currency reserves, totalling about $330 billion. Roughly $220 billion of these funds are in the European Union, largely managed by Euroclear, an international financial service provider that secures assets for banks, stock exchanges, and investors.

Source: TASS Agency

Related content