Moscow: Government of Russia on Friday warned the Western banks of the “catastrophic consequences” in case the EU proceed with plans to confiscate Russian assets.
According to western media, some western banks are lobbying against EU proposals to redistribute billions of euros in interest earned on frozen Russian assets, that could possibly lead to costly litigation.
Meanwhile, on Thursday, European Union leaders agreed to move ahead with work on a plan to use up to 3 billion euros ($3.24 billion) a year to supply arms and support to Ukraine as they try to bolster the fight of Ukraine against Russia, which would still own the underlying frozen assets.
In a media talk Kremlin spokesman Dmitry Peskov told that “We have heard statements from Brussels that the proceeds of our assets don’t belong to anyone,”. “This is not so. They belong to the holders of the assets, the owners of the assets, he said”.
Responding to Reuters’ report that some banks fear that they might later be held answerable by Russia if they are involved in any transfer of money to Ukraine, Dmitry Peskov issued a thinly veiled warning.
“The legal department of any bank understands the terrible and catastrophic consequences of such actions to expropriate assets, both for the bank, for the country as a whole and for the European economy,” the spokesperson said.
