Russia devises retaliation plan for potential EU asset seizure
The Russian State Duma has passed a resolution urging the government and Central Bank to prepare a retaliatory strategy against any potential seizure of its frozen assets by the European Union. Lawmakers condemned the EU's proposal as "theft" and a violation of international law, recommending legal action in various jurisdictions to claim compensation by seizing assets of unfriendly nations.
Russia's parliament has taken a decisive step to counter a potential European Union move to seize frozen Russian state assets, framing the EU's plan as an unlawful act that demands a robust response. The State Duma, the nation's lower house, adopted a resolution on Thursday calling on the government and the Central Bank of Russia to ready a comprehensive retaliation plan.
Condemnation of EU Proposal
The resolution specifically targets an EU initiative that considers using Russian assets held by the Euroclear depository in Belgium as collateral for a credit to Ukraine for reparations. Russian legislators vehemently denounced this strategy, labeling it "an illegal seizure disguised as a loan." They argued that the plan constitutes "theft" because, from their perspective, Russia will never pay the reparations, meaning the collateral would be permanently lost.
A Planned Legal Counterattack
In response to what it perceives as a breach of international law, the Duma has recommended a legal offensive. The proposed countermeasures would involve filing lawsuits against both the Euroclear depository and the nation of Belgium across multiple international jurisdictions. The objective of this legal campaign would be to seek financial compensation for damages by facilitating the seizure of assets belonging to so-called "unfriendly states."
Wider Implications for European Jurisdictions
The Russian lawmakers asserted that the EU's course of action, if pursued, would severely damage the global financial system's trust in the European Union as a reliable jurisdiction. This resolution escalates the economic and legal tensions between Moscow and the West, setting the stage for a complex international legal battle over the frozen assets.
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