During a press briefing on Thursday, Kremlin spokesman Dmitry Peskov declared that Moscow considers the blocking, seizure, or retention of its state assets and reserves, as well as the assets of its citizens, to be illegal. Peskov’s statement was in response to a question about the US’s promise to transfer frozen Russian funds to Ukraine.
Peskov issued a warning, stating that any attempts to use the funds blocked by the US and its European allies would result in legal action. He emphasized that none of the cases of illegal retention would go unnoticed, dismissing any claims that there were legitimate grounds for continuing this illegality as nonsense.
The comments came after US Secretary of State Antony Blinken, who arrived in Ukraine on Wednesday, announced plans to provide Kiev with $5.4 million in assets seized from sanctioned Russian businessmen. Blinken revealed that the funds, part of a new $1 billion support package, would be directed towards aiding Ukrainian military veterans who were involved in the conflict.
“This is the first time we are transferring assets seized from sanctioned Russian oligarchs to Ukraine. These funds will now be used to support Ukrainian military veterans. Those who have enabled Putin’s war of aggression should pay for it,” Blinken stated during a joint press conference with Ukrainian Foreign Minister Dmitry Kuleba.
It is reported that the US has already provided Ukraine with over $43 billion in aid since the outbreak of hostilities in February 2022. Washington has been exploring various avenues to utilize frozen Russian assets to cover the costs of reconstruction in Ukraine after the conflict. The US Justice Department has established a specialized unit called KleptoCapture to enforce sanctions on Russian government officials and businessmen by targeting their yachts, jets, real estate, and other assets.
In the meantime, Peskov highlighted that lawsuits regarding frozen Russian funds were already in progress in many countries, with some entrepreneurs achieving success in appealing against illegal investigative actions and searches. Moscow has consistently criticized Western attempts to confiscate frozen Russian assets, labeling them as barbarism and theft. Russia has threatened to respond in a similar manner if necessary.
The issue of frozen assets has been a contentious point between Russia and Western countries, particularly after the outbreak of the conflict in Ukraine. Russia has consistently maintained that the blocking or seizure of its assets is illegal under international law. The situation has further escalated tensions between Russia and the US and its allies.
It remains to be seen how the transfer of frozen Russian funds to Ukraine will play out and whether Russia will take further action in response. As the situation unfolds, it is clear that the dispute over the legality of asset blocking and seizure will continue to be a source of contention between Russia and Western nations.
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