Russian Foreign Ministry spokeswoman Maria Zakharova (Photo: AFP).
Russian Foreign Ministry spokeswoman Maria Zakharova on January 12 accused the US of trying to create a "legal cover" to steal Russia's sovereign assets, a move that Moscow has repeatedly warned would violate international law and undermine the global financial system.
Bloomberg reported on January 10 that the administration of US President Joe Biden is considering a bill that would allow the seizure of some frozen Russian assets to help rebuild Ukraine after Moscow's military campaign.
Ms Zakharova accused Washington of trying to pressure the European Union (EU) into joining the plan to seize Russian assets. She said Moscow would respond strongly if Russian assets were "stolen".
"Retaliatory measures will be taken. They will be painful," the Russian Foreign Ministry spokesman warned.
After Russia launched a special military operation in Ukraine in February 2022, the US and its allies banned transactions with Russia's central bank and finance ministry, freezing about $300 billion in Russian assets in the West, mostly in Europe. Most of these assets are bonds and deposits in euros, dollars, and pounds.
Ms Zakharova said the West was trying to find new ways to aid Ukraine because of increasing difficulties in securing financial support for Kiev.
The White House announced on January 11 that US aid to Ukraine had been "paused" as negotiations continued in Washington on a new aid package.
The New York Times reported on December 21 that the US is putting pressure on Britain, France, Germany, Italy, Canada and Japan to find a way to legalize the use of Russia's frozen assets before February 24, 2024, exactly two years since Russia began its special military campaign in Ukraine.
Earlier, the European Commission on December 12 approved a proposal to use proceeds from frozen Russian assets to help Ukraine recover from the conflict.
Although the White House has been adamantly opposed to seizing any assets belonging to the Russian Central Bank, it has recently been actively promoting discussions with the G7 group, mainly about whether the US has the authority to use these assets without congressional approval.
US officials see the asset seizure as leverage to force Russia to the negotiating table to end the conflict with Ukraine. Moscow, however, has shown little interest in such negotiations. Instead, it has said it will respond in kind.
Russian Deputy Foreign Minister Sergei Ryabkov warned that Moscow could cut diplomatic ties with Washington if the US seized Russian assets frozen over the Ukraine conflict.
Kremlin spokesman Dmitry Peskov said Russia has drawn up a list of Western assets that could be seized if the G7 decides to seize $300 billion in frozen Russian assets.
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