Kremlin warns of retaliation over EU’s use of Russia’s frozen assets for Ukraine support

“Of course, such steps by the European Commission will not go unanswered,” Peskov told reporters.

On Friday, the European Union will send the first tranche of military aid to Ukraine, amounting to €1.5 billion, from the revenues of frozen Russian assets, European Commission President Ursula von der Leyen announced on social media site X.

But Kiev will not receive the proceeds from the Russian assets directly – the funds will go into the European Peace Facility to compensate EU countries for arms already supplied, the European Commission said.

“This is not a reason for an immediate reaction, but certainly a reason for thoughtful actions in response to such illegal decisions by the European Union,” Peskov added.

“These actions will definitely take place, but they must be well-considered and fully align with our interests.”

Following the start of Russia’s military operation in Ukraine, the EU and G7 countries froze nearly half of Russia’s foreign exchange reserves, amounting to approximately €300 billion.

Over €200 billion are held in the EU, mainly by Belgium’s Euroclear, one of the world’s largest settlement and clearing systems. The Russian Foreign Ministry has described the freezing of assets in Europe as theft, noting that the EU is targeting not only private funds but also Russian state assets.

Russian Foreign Minister Sergey Lavrov stated that Moscow would respond if frozen Russian assets in the West were confiscated. He mentioned that Moscow also has the option to seize funds that Western countries hold in Russia.