The Kremlin warned the West today that it has drawn up a list of US, European and other assets that will be seized if the leaders of the Group of Seven (G7) major industrialized countries decide to go ahead and seize the Russian central bank’s frozen foreign exchange reserves of 300 billion dollars.

G7 leaders will discuss a new legal version to allow the seizure of frozen Russian assets at their meeting in February, two sources with knowledge of the plans and a British official said on Thursday.

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

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

“It will undermine other countries’ confidence in the United States as well as the EU as economic guarantors. So such actions have very, very serious consequences.”

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

He declined to say specifically what items are on the list.

About $300 billion worth of Russian central bank assets are currently frozen in the West.

Although the central bank has not said in detail which assets have been frozen, most of the bonds and deposits are in euros as well as some in US dollars and British pounds.