But Moscow has a mirror answer
MEPs call on the European Union to follow the example of the United States and confiscate Russia’s frozen assets in the territory of the Old World. This initiative was put forward by the largest European People's Party in the European Parliament.
“The US authorities, after approval by Congress, will implement a mechanism to confiscate $20 billion in favor of Ukraine. The time has come for us to take a bold decision and confiscate all 300 billion euros of frozen Russian assets,” the document says.
Sanctions against Russia, which were introduced after February 2022, led to the freezing of not only state assets, but also assets of private investors.
Until recently, few people believed that Europe could take such steps. Without a court decision, confiscation of assets is impossible there. But there is no such court in Europe that would consider economic disputes between Ukraine and Russia.
Perhaps the statement of European parliamentarians does not mean anything other than a call: another “gesture of goodwill” towards America.
In turn, Russia threatens retaliatory measures if its assets are seized.
“I would not rush to consider that the story with confiscation is already over,” says financial analyst, candidate of economic sciences Mikhail Belyaev. – Several years ago, the United States adopted a similar bill in relation to Iran. They were able to accept it, but not to apply it…
Europe will act with an eye on the United States, but Russia has completely different relations with the EU — closer and more significant in terms of amounts. In my opinion, in words Brussels will declare whatever it wants, but in reality it will not rush. Not in his interests.
— I would not use the word “confiscation” of frozen Russian assets for now. At the moment, the “collective West” may refuse to pay us on bonds — debt securities and on our deposits, on which interest is charged.
This has nothing to do with direct confiscation. These are things that are unpleasant for us, but not that dangerous. We do not receive income from the frozen assets, but the assets themselves are registered with us in special bank accounts.
It will be much worse if they encroach on the ownership of Russian assets and come up with some kind of legal basis.
— There is an antidote. There are a variety of figures for Western investment in Russia. But as of October 2021, the total amount of funds invested in the Russian economy was $1.18 trillion. These are their shares in the business, debt obligations, etc.
If the West imposes its sanctions, we will be forced to use our “heavy artillery.” And we’ll see what “pain points” we need to hit.