 "Putin warns of retaliation if EU uses frozen Russian assets to fund Ukraine")
Russian President Vladimir Putin on Thursday warned that Moscow is preparing retaliatory steps if the European Union moves ahead with plans to use the cash value of frozen Russian assets to fund a €140 billion reparations loan for Ukraine.
According to a Politico report, speaking at a press briefing in Bishkek, Putin said, “The government of the Russian Federation, by my assignment, develops a package of reciprocal measures in case this happens.”
He denounced the EU proposal as “theft of someone else’s property,” arguing that such a move would damage Europe’s credibility on the global stage.
“It’s clear that this will have a negative impact on the international finance system,” Putin was quoted as saying.
“The trust in the eurozone will decline, will fall abruptly,” he added.
Putin also warned that Europe could face “an uneasy [economic] test,” noting that Germany — the continent’s largest economy — “is in recession for the third year.”
The European Commission has repeatedly stressed that the plan would not involve confiscating Russian assets currently held at Euroclear, the Brussels-based financial depository.
The arrangement, which has triggered concerns in Belgium over possible Russian retaliation, would instead allow the EU to borrow against profits generated from the frozen funds and transfer the money to Kyiv for its defence.
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View AllCommission President Ursula von der Leyen said Wednesday that the draft legal text for the €140 billion loan would be presented “very soon.”
With inputs from agencies
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