The confiscation of frozen assets of the Russian Federation abroad will entail “very serious” costs for those who make such an exchange, says press secretary of the Russian President Dmitry Peskov. He acknowledged that the legal response is unlikely to be the same.
“They are consistently working towards illegally continuing the seizure of our holdings. This is illegal, it is against all possible rules. This will, of course, be contested, and contested indefinitely by our country. This will entail very serious legal costs for those who make such decisions,” he said during a press call.
The Kremlin representative assured that Russia will work on response measures. “They can hardly be mirrored, but they will be the ones that best suit our interests,” says Mr. Peskov.
In June, Bloomberg reported that the European Union (EU) had found no legal basis to confiscate Russian assets. According to Politico, some EU countries are concerned about the risks of transferring frozen assets of the Russian Federation to the needs of Ukraine. In particular, Belgian Prime Minister Alexander De Croo stated the need to prepare a legal framework that would eliminate the risks of destabilization of the international financial system. The Foreign Relations Committee of the US House of Representatives today, November 8, approved a bill allowing the transfer of part of the frozen Russian assets to Ukraine.