Valentina Matviyenko, the speaker of the upper house of the Russian parliament, has warned Europe that she will retaliate if almost $300 billion of Russian assets are seized by the West.
The speaker of Russia’s upper house of parliament warned Europe today that Russia has already drawn up legislation to retaliateif nearly $300 billion in Russian assets are seized by the West and used to help Ukraine.
After President Vladimir Putin sent troops in 2022 to Ukrainethe United States and its allies banned transactions with Russia’s central bank and finance ministry, freezing about $300 billion in Russian state assets located in the West.
Top US officials want to seize assets and use them to prop up Ukrainealthough some bankers and European officials are concerned that this would set a dangerous precedent.
The US House of Representatives on Saturday passed legislation that includes a provision allowing for the seizure of Russian state assetsalthough the lion’s share of these assets are in Europe.
“We also have a ready answer”, Valentina Matviyenko, the speaker of the upper house of the Russian parliament, was quoted as saying, according to the state news agency RIA. “We have a draft law, which we are ready to consider immediately, regarding retaliatory measures.”
“And the Europeans will lose more than us”she emphasized Matviyenkowhich is member of the powerful Russian Security Council.
Matviyenko did not say anything specific about it what will be the response to confiscation of Russian assetsstill debated in the West.
One option, discussed by the West, is to confiscate the proceeds of the assets without confiscating the assets themselves.
The Kremlin has repeatedly stated that any seizure of its assets would go against all the free market principles the West proclaims and undermine confidence in the US dollar and the eurowhile it would deter global investment and undermine confidence in Western central banks.
Russia has also said it will take legal action against any seizure of its assets.
The speaker of the lower house of the Russian parliament Vyacheslav Volodin said yesterday, Monday, that Russia has reasons to seize Western assets after the move by the US House of Representatives.
Volodin stated that of the $280 billion in Russian assets held abroad, only $5 to $6 billion are in the United Stateswhile around 210 billion euros are in the EU.
Source :Skai
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