
Kremlin Warns of Catastrophic Consequences for Western Banks Over EU Asset Confiscation
Kremlin warns EU on Russian asset confiscation, banks fear costly litigation.

The Kremlin has issued a stern warning to Western banks, emphasizing the potential "catastrophic consequences" that could result from the EU's proposed confiscation of Russian assets. Kremlin spokesman Dmitry Peskov highlighted the concerns of Western banks' legal departments regarding the EU's plans, expressing the fear of costly litigation that could arise from the redistribution of billions of euros in interest earned on frozen Russian assets.
EU's Plan to Supply Arms to Ukraine
European Union leaders have taken a decisive step by greenlighting a plan to allocate up to 3 billion euros annually to provide arms to Ukraine, aiming to bolster Kyiv's resistance against Russia. Despite this move, Russia would maintain ownership of the underlying frozen assets, which has raised concerns and sparked discussions within the banking industry.
Kremlin's Assertion on Asset Ownership
Responding to statements from Brussels, Peskov asserted that the proceeds from Russian assets belong to the holders and owners of the assets, refuting the notion that they do not belong to anyone. This statement emphasizes the Kremlin's firm stance on protecting the rights of asset holders and owners.
Threat of Consequences
Peskov issued a thinly veiled warning to banks, suggesting that the implementation of the EU's decisions could lead to very serious consequences for those involved, including the banks, the country, and the European economy. This warning underlines the Kremlin's uncompromising position on the potential expropriation of assets.
It is clear that the implications of the EU's proposed actions are being taken seriously by the Kremlin, and the potential fallout for Western banks is being emphasized.
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