Summary:
- Financial Warning: RIA warns of substantial Western losses, estimating at least $288 billion, if frozen Russian assets are seized for Ukraine’s reconstruction.
- Confiscation and Retaliation: U.S. and UK efforts to seize Russian assets face a Russian warning of retaliation, with Moscow revealing a list of assets to be confiscated if Western actions proceed.
Jan 21 (TopNews) – Russia’s state RIA news agency has issued a stark warning, estimating that Western nations stand to lose at least $288 billion in assets and investments if measures are taken to seize frozen Russian assets in support of Ukraine’s reconstruction.
This calculation follows the freezing of approximately $300 billion of sovereign Russian assets in the West after President Vladimir Putin deployed forces into Ukraine in February 2022.
Keep Reading:
- Faces Of The US Presidential Race: In-Depth Analysis Of 2024 Candidates
- Kenyan Gov’t Set To Exit G-To-G Oil Deal Amid Shilling Instability
- Israeli Envoy Urges Clarity From Canada On ICJ Genocide Case
In recent months, U.S. and British officials have actively pursued the confiscation of Russian assets in various European cities, including Belgium, aiming to contribute to the reconstruction efforts in war-torn Ukraine.
There is optimism that Group of Seven (G7) leaders will issue a more robust statement of intent during their late February meeting, coinciding with the second anniversary of Moscow’s invasion of Ukraine, according to information from three Reuters sources on December 28.
Amid these efforts, Russia has accused Washington of pressuring European countries to adopt similar measures, warning of potential retaliation by disclosing a list of U.S., European, and other assets subject to confiscation if Western nations proceed with their plans.
RIA cited data indicating that direct investment from the European Union, G7 nations, Australia, and Switzerland in the Russian economy totaled $288 billion by the end of 2022.
Breaking down the investment, EU nations held $223.3 billion, with substantial portions formally held by Cyprus ($98.3 billion), the Netherlands ($50.1 billion), and Germany ($17.3 billion).
Other top European investors included France with $16.6 billion and Italy with $12.9 billion. Among the G7 countries, the United Kingdom emerged as a major investor, with British assets in Russia valued at about $18.9 billion at the end of 2021.
The United States, Japan, and Canada held $9.6 billion, $4.6 billion, and $2.9 billion worth of Russian assets, respectively.
Switzerland and Norway, known for supporting anti-Russian measures, held $28.5 billion and $139 million in Russian assets at the end of 2022, according to RIA. It’s important to note that TopNews.co.ke could not independently verify the data provided by RIA.