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Russia will respond reciprocally to the confiscation of its assets

Moscow, April 19 (Prensa Latina) Russia will be guided by the principle of reciprocity that provides for the right of response if the West confiscates its frozen assets, Foreign Ministry spokesperson María Zajárova declared today.

In case of asset confiscation, we will be guided by the principle of reciprocity in international relations, which establishes an inalienable right of retaliation, Zajárova said this Friday in her usual meeting with the press

The spokeswoman added that Russia has a significant amount of Western funds and property in its jurisdiction that could be targeted by her actions.

Nor will we spare attempts to use frozen Russian reserves as collateral for bonds that could supposedly be issued by the West in order to attract private capital to finance the Kyiv regime, the diplomat added.

Individuals and funds that dare to purchase such financial instruments will be the first candidates to fall under counter-sanctions with far-reaching consequences for the prospects of their international activities, she warned.

Following the start of Russia’s special military operation in Ukraine on February 24, 2022, the European Union (EU) and members of the Group of Seven (G7) blocked almost half of Russian assets abroad, which amounted to to about 300 billion euros.

Last March, the head of European diplomacy, Josep Borrell, presented to the EU Council a proposal to use the benefits of blocked Russian assets to guarantee military aid to Ukraine.

Initially the EU planned to spend it on the reconstruction of that country, but then Brussels stated that, due to the difficult situation on the battlefield and the shortage of weapons and ammunition, the money could be spent on military support for Kyiv.

The senior diplomat’s proposal foresees that 90 percent of the income from Russian assets be allocated to the European Peace Support Fund and the other 10 percent to the EU budget for possible unforeseen expenses and compensation related to Ukraine.

Approval of the proposal will require a unanimous vote of the member countries of the community bloc.

According to Germany’s Federal Chancellor Olaf Scholz, the proceeds from blocked Russian assets “do not belong to anyone, so the EU can obtain them and use them for these purposes.”

For his part, Kremlin spokesman Dmitri Peskov described as absurd the statements that the income from Russian assets does not belong to anyone and warned that such a decision would have “very serious consequences” for those involved.