Russia has threatened “painful retaliation” if the European Union proceeds with plans to confiscate frozen Russian assets held in Euroclear accounts, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday, according to The Guardian.
“The EU has no legal means to confiscate Russian assets. Any such escalation would amount to theft,” Zakharova declared.
The warning comes as EU leaders meet in Brussels to discuss a European Commission proposal that would use frozen Russian assets to provide a €140 billion “reparations credit” to Ukraine.
Under the plan, the EU would channel the frozen securities of the Russian Central Bank to help cover Ukraine’s financial needs for 2026 and 2027.
Meanwhile, following new U.S. sanctions imposed by President Donald Trump on Russian oil exports, the EU has approved its 19th sanctions package against Moscow. The measures include a ban on purchases of liquefied natural gas (LNG) from Russia, in response to Moscow’s refusal to engage in a peace agreement to end the war in Ukraine.
President Trump has also postponed a planned summit with Russian President Vladimir Putin that was scheduled to take place in Budapest, Hungary, after Moscow rejected a U.S. ceasefire proposal.
The Western sanctions have been welcomed by Ukrainian President Volodymyr Zelensky, who continues to receive strong backing from EU leaders in his government’s war efforts against Russia.
