Kremlin says it has list of Western assets to confiscate if Russian assets are seized

The Kremlin warned the West this Friday (29) that it has a list of North American, European and other country assets that could be confiscated if G7 leaders decide to seize US$300 billion in frozen reserves at the Bank. Central Russian.

According to behind-the-scenes sources, G7 leaders will discuss a new legal theory that, strictly speaking, would allow the seizure of frozen Russian assets. A meeting between the leaders should take place in February.

Kremlin spokesman Dmitry Peskov said any such move by the West would amount to “theft,” violate international law and harm reserve currencies, the global financial system and the world economy.

“It will be a significant blow to the main parameters of the international economy, it will harm the international economy,” Peskov told reporters.

“This will undermine other countries’ confidence in the United States and the European Union as economic guarantors. Therefore, such actions are fraught with very, very serious consequences.”

When asked if there was a specific list of Western assets that Russia could seize in retaliation, Peskov said: “Yes, there is.”

He declined to say which specific assets were on the list.

After President Vladimir Putin sent troops to Ukraine in 2022, the US and its allies banned transactions with the Russian Central Bank and the country's Ministry of Finance, blocking around US$300 billion of Russian sovereign assets in the West.

U.S. and U.K. officials have worked in recent months to boost efforts to seize Russian assets in Belgium and European cities, and they hope G7 leaders will agree to issue a stronger statement when they meet in February around the second anniversary of Moscow's invasion of Ukraine.

The legality of the seizure of Russian sovereign assets is unclear – and Russia has repeatedly said it will challenge any seizure in court.

Proponents of seizing Russian assets say the war in Ukraine is illegal and that frozen Russian money should be given to Ukraine for reconstruction or even to fight Russian forces.