Russia warns Western banks of 'catastrophic consequences' over asset confiscation
Kremlin warns EU over plans to seize Russian assets.
- Bilawal Riaz
- 1 min read
The Kremlin has issued a warning of “catastrophic consequences” if the EU goes ahead with plans to seize Russian assets in Western banks. Some Western banks are opposed to EU proposals to redistribute interest earned on these frozen assets, concerned about potential legal ramifications. EU leaders have agreed to consider using billions of euros annually to supply arms to Ukraine as they support Kyiv’s conflict against Russia, which would still own the frozen assets. The Kremlin argues that the assets belong to their owners, not to the EU. The Central Bank Governor of Russia has also stated that corresponding measures will be taken to protect Russian interests in response to EU actions on these frozen assets.