High-ranking Russian banker Andrei Kostin said that Moscow would respond if the European Union used frozen Russian sovereign assets to provide a loan to Ukraine, adding that Moscow could unleash 50 years of litigation over the funds, Reuters reported, BTA reported.
During a summit in October, EU leaders tried to agree on a plan to use 140 billion euros of frozen Russian assets as a loan to Ukraine, but they did not receive the support of Belgium.
According to the EU plan, the frozen assets of the Russian Central Bank in Europe would be lent to Ukraine, which would use them for defense and regular needs budget.
"As for seizing our money, we can do without it after all. The only problem is that this money can be used for war, not for peace", Kostin said on the eve of the arrival of US special envoy Steve Witkoff in Moscow.
"It is convenient to wage war not only with foreign hands, but also with foreign funds - this is the ultimate finesse for Europe. But there can be no justification for it", the banker added. Kostin said that Russia would respond by seizing funds held by European investors in Russia and added that "50 years of litigation" could follow , even after peace is achieved in Ukraine.
He said that Russia should be more active in suing the EU, Belgium and the depositary “Euroclear“ in Russian and international courts over the funds and suggested a trial in the UN International Court of Justice.
Kostin, one of the most influential Russian bankers, has also shown that he is more open to the idea of dividing Russia's sovereign assets as part of a broader agreement to achieve peace in Ukraine.
A version of the US-backed peace plan published in the media suggested that $100 billion of the frozen funds would be invested in the reconstruction of Ukraine, and some of the remaining funds would be invested in a joint fund between the US and Russia.
“If Russia agrees and is ready, by all means. "A matter of agreements," Kostin said, adding that Witkoff's visit to Moscow was important and Russia was ready to make concessions in the negotiations, but reaching an agreement would take time.
“Sooner or later we will reach an agreement. Life shows that compromises must be sought. Russia is also ready for them, since there is no such thing as one-way traffic in negotiations,“ Kostin said.