Kremlin Threatens to Confiscate EU Assets

Facts

On Sunday, Russia's State Duma chairman warned that the Kremlin would confiscate assets belonging to EU states if the bloc utilizes the country's 'frozen funds in order to continue militarizing Kyiv.'¹
Threatening to take retaliatory action for any EU attempt to employ Russian assets to support Ukraine's post-war reconstruction, Vyacheslav Volodin said, 'far more assets belonging to unfriendly countries will be confiscated than our frozen funds in Europe.'²
This comes after European Commission President Ursula von der Leyen said on Friday that the EU had been planning to use frozen Russian sovereign assets — worth about $223.15B (€211B) — to fund Ukraine.³
Earlier, Belgium had said it would set up a special fund worth $1.8B (€1.7B) to support Ukraine using tax revenue from profit generated by Russian Central Bank assets frozen in the country.⁴
Immobilized Russian assets in Belgium — home to the world's largest depository, Euroclear — have reportedly generated nearly $3.2B (€3B) in profits since they were frozen in February last year, through the third quarter of 2023.⁵

Anti-Russia narrative, as provided by The Guardian. The US, UK, and EU have already poured billions of dollars, euros, and pounds into military, humanitarian, and financial assistance for Ukraine. However, as Russia is responsible for the massive damage caused by its war of aggression against Ukraine, Moscow should ultimately foot the bill for Ukraine's long-term reconstruction — an endeavor the World Bank estimates will require at least $434B (€411B).
Pro-Russia narrative, as provided by Al Jazeera. The Russian Central Bank's assets are sovereign and, therefore, protected under international law from confiscation and expropriation. Moscow will interpret any move to use the country's funds as an unlawful and defiantly unfriendly attack. If the West fails to adhere to the principles of an open economy, the Kremlin will have the right to take retaliatory actions to protect its assets.