Russia warns Europeans ‘will lose more than we do’ if their $300 billion in assets are taken

Moscow has warned Europe on Tuesday that Russia has a “prepared answer” to retaliate if almost $300 billion of Russian assets are seized by the West to used to finance Ukraine.

Vladimir Putin has drafted legislation in place, which comes as the US and Western allies have stopped Russia’s central bank and the Finance Ministry from accessing the $300 billion.

RIA state news agency quoted Valentina Matvienko, the speaker of the Russian upper house of parliament saying, “We also have a prepared answer.

“We have a draft law, which we are ready to consider immediately, on retaliatory measures.

“And the Europeans will lose more than we do.”

Matvienko did not divulge what specifically Russia will do, previously the Kremlin has said that the seizure of their $300 billion in assets goes against the principles the West insists they have.

This could also undermine the confidence in the US dollar and the Euro and some bankers and officials in Europe have expressed their concerns this will create a dangerous precedent that could be abused.

Russian officials have touted that foreign investors who have assets which are locked in the “C” accounts in Russia could end up being taken by Moscow if the Russian assets are given to Ukraine.

In January President Volodymyr Zelensky said that the West’s decisions to use “$300 billion” of “Russian assets frozen” is “legitimate.”

The Ukrainian President has called on the West to “move quickly” on legal frameworks to achieve a “tangible process” for 2024.

President Zelensky has hailed this as “a historic” opportunity to make the Russian “terrorist state” pay for their actions.

Zelensky said, “Russian assets currently frozen abroad total around $300 billion. They must be put to use in support of Ukraine.

“This is a historic opportunity to make the terrorist state pay for its terror.

“The Russian elite and leadership do not care about human lives, but they do care about money above all else.”

The Ukrainian leaders has said that he believes for Russia “losing assets will be the most painful loss.”

“They will sense the true strength of the international community and see that the world is stronger than terror.”

President Zelensky added, “The decision to use frozen Russian assets to support Ukraine will be an entirely just and legitimate response to Russia’s aggression against Ukraine.

“It will send the right message to all would-be aggressors around the world: attacking another state does not pay off; it makes the aggressor pay.”