The Kremlin mentioned on Friday that Western banks’ authorized departments perceive the “catastrophic consequences” that might comply with ought to the European Union proceed with plans to confiscate Russian property amid the EU’s latest talks to switch a few of these funds to provide Ukraine with arms.
Some Western banks are reportedly lobbying in opposition to EU proposals to redistribute billions of euros in curiosity earned on frozen Russian property, senior trade sources mentioned, fearing it may result in expensive litigation.
European Union leaders on Thursday agreed to maneuver forward with work on a plan to make use of as much as 3 billion euros ($3.24 billion) a yr to provide arms to Ukraine as they attempt to bolster Kyiv’s combat in opposition to Russia, which might nonetheless personal the underlying frozen property. EU leaders mentioned the proceeds might be used inside a couple of months.
“We have heard statements from Brussels that the proceeds of our assets don’t belong to anyone,” Kremlin spokesperson Dmitry Peskov instructed reporters. “This is not so. They belong to the holders of the assets, the owners of the assets.”
Responding to Reuters’ report that some banks concern that they could later be held liable by Russia if they’re concerned in any switch of cash to Ukraine, Peskov issued a thinly veiled warning.
“The legal department of any bank understands the catastrophic consequences of such actions to expropriate assets, both for the bank, for the country as a whole and for the European economy,” Peskov mentioned.
“If such decisions were realized, this would have very serious consequences for those who took and implemented them.”
Source: www.dailysabah.com
