Kremlin warns of economic implications of Western confiscation of Russian assets

Kremlin spokesman Dmitry Peskov warned of the serious economic repercussions that could come from the West’s confiscation of Russian assets.

“If this happens, if such a dangerous precedent is created, it will be a very strong nail in the future coffin of the entire Western economic coordinate system,” Peskov said in an interview with Russian journalist Pavel Zarubin.

Peskov also highlighted that foreign investors and countries around the world will reconsider investing in the West if the asset seizure, sanctioned by the US Congress this week, moves forward.

“It is clear that foreign investors, foreign states that keep their reserves in assets of these countries, from now on will think ten times before investing their money,” said Peskov. “Reliability disappears overnight, due to a thoughtless decision. It is only restored [depois] of decades, or even more.”

Regarding Russia’s possible response to a Western confiscation of Russian assets, Peskov said it would soon be known, noting that there are also Western properties in Russia.

“It’s premature to talk about this,” Peskov said. “Of course there is Western money here. We have Western money of various structures. Now is not the time to specify.”

However, he stressed that in the event of seizure of frozen Russian assets in the West, Russia would take legal and other steps.

“It is clear that such decisions will have very broad judicial perspectives. And, of course, Russia will utilize these judicial perspectives and will unceasingly defend its interests in this field,” Peskov said.

Commenting on the conflict in Ukraine, Peskov said panic is growing in Kiev as Russian forces continue to advance.

“On the front on the Ukrainian side, panic is growing,” the spokesman said, adding that it is important for Russia not to interrupt the special military operation.

Friends and relatives of fighters in the operation share news about the Ukrainian Army’s low morale, he added.

“This is first-hand information. Panic is growing on the other side. Now it is very important for us to maintain this dynamic. It is very important not to stop and continue on the path of implementation,” said Peskov.

At the same time, “enemies” will certainly test Russia “for weakness” and the most important thing is never to show it, Peskov added.

Russia launched its special military operation in Ukraine in February 2022.

Russian President Vladimir Putin said the aim of the operation was to protect people who were subjected to Kiev’s eight-year “genocide”, adding that Moscow was left with no choice but to respond to the security risks created.

With information from Sputnik