Russia has threatened the European Union with legal action "spanning decades" if it uses proceeds from its frozen assets to benefit Ukraine, which Moscow has described as "theft", AFP reports.
The EU is due to present a plan to seize those revenues to fund arms purchases for Kiev, which will be discussed at the EU-27 summit on March 21-22.
"The Europeans should be aware of the damage that such decisions can do to their economy, to their image and to their reputation as reliable guarantors of the inviolability of property," Kremlin spokesman Dmitry Peskov warned.
"The people, the countries involved in making such decisions will naturally become the subject of legal proceedings for many decades to come," he added.
Russian diplomatic spokeswoman Maria Zakharova condemned the initiative as "banditry" and "theft." "These actions constitute a flagrant and unprecedented violation of basic international norms," she said, promising a response from Moscow.
According to European diplomacy chief Josep Borel, the EU's frozen Russian assets amount to €200 billion and would free up "€3 billion a year" to fund arms purchases for Ukraine.
Under the proposal, 90% of the seized revenues would be allocated to the European Peace Facility (EPF), which finances arms purchases. The remaining 10% would be paid into the EU budget to "strengthen the capacity of the Ukrainian defence industry".
The possible seizure or use of Russian state assets, which were frozen after the start of the Russian offensive in Ukraine in February 2022, has been the subject of intense debate for two years.
Some countries fear the consequences of such a seizure, fearing the precedent it could set in financial markets and the legal implications it would generate.
Last week, Russia summoned the Swiss ambassador to Moscow in protest at a vote in Switzerland that allowed frozen Russian assets to be used to fund reparations in Ukraine. / BGNES
