Shoigu says west ‘stole’ $590 billion in frozen foreign assets

Sergey Shoigu has warned countries against storing national reserves in Western financial institutions, claiming the United States and its allies have frozen nearly $590 billion belonging to Russia and several other states. The remarks came during the 21st meeting of security officials from member countries of the Shanghai Cooperation Organization in Bishkek, the capital of Kyrgyzstan.

Frozen assets and criticism of the West

According to Shoigu, the frozen funds belong to Russia, Cuba, Venezuela, Iraq, Iran, North Korea, Libya, and Afghanistan. He argued that the seizure of sovereign assets undermines confidence in Western financial systems and signals growing risks for countries holding reserves abroad.

“I am convinced that all leaders will draw the proper conclusions regarding the storage of national savings in the West,” Shoigu said during the summit. Russian officials have repeatedly criticized Western sanctions imposed after the Ukraine war, particularly measures targeting Moscow’s foreign reserves.

Afghanistan cited as example of economic fallout

Shoigu pointed to Afghanistan as an example of how frozen assets can worsen humanitarian and economic crises. He said approximately $10 billion in Afghan funds remain blocked by the United States, Britain, and Germany, limiting the Taliban-led administration’s ability to stabilize the country and improve living conditions.

The Russian official also claimed that economic hardship continues to fuel narcotics cultivation in Afghanistan, despite what he described as significant reductions in opium production since the Taliban returned to power.

Ukraine and global tensions

Addressing the war in Ukraine, Shoigu asserted that Russian forces maintain what he called the “strategic initiative” along the frontline while accusing European Union and NATO countries of prolonging the conflict through continued military support for Kyiv.

He further argued that global instability is being driven by efforts by the US and its allies to preserve geopolitical dominance. Moscow has increasingly framed sanctions, frozen assets, and Western military alliances as part of a broader confrontation with Russia and other non-Western powers.

Iran tensions and regional security

Shoigu also commented on tensions involving the United States, Israel, and Iran, calling for diplomatic efforts to prevent renewed military escalation in the Middle East. He urged countries to pursue what he described as a new regional security architecture amid growing uncertainty surrounding energy routes, sanctions, and armed conflicts across the region.

The debate over frozen sovereign assets has intensified in recent years, especially after Western governments immobilized hundreds of billions of dollars linked to Russia following the 2022 invasion of Ukraine. European institutions continue discussing ways to use proceeds from frozen Russian assets to support Ukraine’s reconstruction and financing needs.