On Friday, the Kremlin cautioned Western countries that it has prepared a list of assets from the U.S., Europe, and elsewhere for potential seizure.
This action is in response to the possibility of G7 leaders seizing $300 billion of frozen Russian central bank reserves.
The Group of Seven major industrialized nations are considering a new legal approach to confiscate these assets, as discussed by two knowledgeable sources and a British official on Thursday.
Kremlin spokesperson Dmitry Peskov labeled such a move by Western countries as “theft” and a violation of international law, potentially destabilizing reserve currencies, the global financial system, and the world economy.
Peskov emphasized the severe consequences such actions could have on the international economy and the trust countries place in the U.S. and EU as economic guarantors.
Peskov confirmed the existence of a specific list of Western assets Russia might target in retaliation but declined to disclose the specific assets included.
Following Russia’s military action in Ukraine in 2022, the U.S. and its allies restricted dealings with Russia’s central bank and finance ministry, freezing approximately $300 billion of Russian sovereign assets in the West.
Efforts to seize Russian assets frozen in Belgium and other European locations have been advancing, with U.S. and UK officials leading the charge.
They hope G7 leaders will adopt a stronger stance in their late February meeting, coinciding with the second anniversary of Moscow’s incursion into Ukraine, as per information from three sources.
Since 2014, Russia has been decreasing its holdings in U.S. Treasuries, and there are concerns in the U.S. that seizing Russian assets could lead other major powers, including China, to avoid U.S. and European currencies and government bonds.
