The Kremlin stated on Friday that Western banks’ authorized departments perceive the “catastrophic consequences” that might observe ought to the European Union proceed with plans to confiscate Russian belongings amid the EU’s current talks to switch a few of these funds to produce Ukraine with arms.
Some Western banks are reportedly lobbying towards EU proposals to redistribute billions of euros in curiosity earned on frozen Russian belongings, senior business sources stated, 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 produce arms to Ukraine as they attempt to bolster Kyiv’s combat towards Russia, which might nonetheless personal the underlying frozen belongings. EU leaders stated the proceeds could possibly be used inside a number 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 worry 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 stated.
“If such decisions were realized, this would have very serious consequences for those who took and implemented them.”
Source: www.dailysabah.com