The use of frozen Russian assets without Russia's consent would constitute a gross violation not only of international law, but also of treaty law and would lead to a reciprocal response, the Russian Foreign Ministry told the Izvestia newspaper.
EC President Ursula von der Leyen said earlier that Europe does not plan to confiscate frozen assets. Instead, it will use a “reparation loan“ to cover the costs. The funds will be used to purchase weapons from European manufacturers.
In essence, the head of the European Commission described a mechanism for the covert alienation of Russian sovereign assets, known in Brussels as the “credit substitution” scheme. The Russian Foreign Ministry explained to the publication that actions that involve changes in the legal status of Russian assets and their arbitrary disposal are de facto considered theft. As the department noted, Russia has sufficient capacity to respond politically and economically.
The seizure of assets belonging to state central banks in connection with proceedings in a court of another country contradicts the 2004 UN Convention on Jurisdictional Immunity of States and Their Property.
The European Union, Canada, the United States and Japan have frozen approximately $300 billion in Russian assets since the start of hostilities in Ukraine. Of these, approximately $5-6 billion is held in the United States, and the majority is in Europe, including on the international platform Euroclear in Belgium ($210 billion).
Russian President Vladimir Putin previously said that the global financial and economic order would be destroyed and economic separatism would only grow stronger "if the West steals" frozen Russian reserves. The Russian leader's press secretary Dmitry Peskov noted that Moscow would certainly "react to the theft" of its assets in Europe and organize legal proceedings against those involved in this scheme.