US, G7 to receive tit-for-tat response if they try confiscating Russian assets

Moscow/Washington – Russia has warned that if the G7 group, including the US, tries to confiscate Russian assets abroad and use them for Ukraine, Russia’s response will be ‘tit for tat’. These efforts initiated by Western countries will be challenged at the legal level and may weaken the foundation of the global economy, President Vladimir Putin’s spokesman, Dmitry Peskov, has warned. On Sunday, a top US website reported that the G7 countries were planning to use Russian assets to provide economic aid to Ukraine. An aggressive response from Russia appears to be coming forth.

After the start of the Russia-Ukraine war, the US and Western countries imposed heavy sanctions on Russia. It included the Russian fuel sector, the defence industry, banks and other large companies. With the imposition of this sanction, $300 billion of Russia’s foreign exchange reserves and assets were confiscated. This decision was widely criticized internationally.

In the last two years, due to the sanctions imposed on Russia by the Western countries, there has been no impact on the Russian economy or its war funding. On the contrary, the economies of Western nations appear to be in trouble. At the same time, claims are continuously coming to the fore that the US and European countries are experiencing a shortage of funds to give to Ukraine. Because of this, efforts are now being made to use Russian funds for this by raising the issue of reparations and reconstruction of Ukraine.

According to the report provided by the US’s top website ‘Bloomberg‘, Western countries will be able to raise loans for Ukraine by mortgaging Russia’s confiscated property. According to international law, after the end of the war, the responsibility of paying compensation for the losses in Ukraine will be imposed on Russia. If Russia refuses this, the plan to take possession of Russian assets and funds seized abroad will be promoted, according to ‘Bloomberg’.

A US official said that the Biden administration has presented a proposal related to this, and discussions are underway with European countries. A bill regarding this issue has also been introduced in the US Congress. After the approval of the G7 and the European Union, the US will start the process of confiscating Russian assets and handing them over to Ukraine, according to sources. Anticipating that Russia will legally challenge this decision of the US and European countries, efforts are being made to strengthen the process at the legal level.

President Putin’s spokesman Peskov has warned the Western countries that they will receive a ‘tit for tat’ response and take legal action. Peskov also indicated that those who decide to use Russian assets should imagine its possible consequences.

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