Siluanov says Russia plans to use revenues from frozen Western assets

Russia intends to use the proceeds from frozen Western assets as retaliatory measures. Such a statement was made by Russian Finance Minister Anton Siluanov on November 20 on air of Rossiya 1 TV channel .

"We also have frozen resources of Western investors and Western financial market participants, companies. The income from these assets will be used in the same way as the actions of those countries that froze our foreign exchange reserves and use the income from the placement of these reserves," he said.

Siluanov emphasized that this is Russia's response to the same actions of the West. In addition, he noted that the measures will be implemented after information about unfriendly actions.

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Earlier, on November 15, a senior European Union (EU) official told reporters that the EU intends to transfer €1.9 billion from frozen Russian assets to Ukraine in the spring of 2025.

Before that, on November 12, Estonian Kaja Kallas, a candidate for the post of the European Union's (EU) diplomatic chief, said that the transfer of the assets to Russia was legal. At the same time, Anatoly Aksakov, chairman of the State Duma Committee on Financial Market, denied her words in a conversation with Izvestia, calling the decision of Western politicians to confiscate frozen Russian assets illegal.

On October 23, the EU Council approved a €35bn loan to Ukraine with repayment from Russia's frozen assets. It was specified that it is the EU's contribution to the G7 loan worth up to €45bn. The loan will have a maximum repayment period of 45 years. Russian Foreign Ministry spokesperson Maria Zakharova called the loan to Ukraine at the expense of Russia's frozen assets a new fraudulent scheme of Brussels to embezzle other people's property. She emphasized that Moscow 's decisive response to what is happening will not be long in coming.

Western countries have stepped up military and financial support for Kiev against the backdrop of Russia's special operation to protect Donbass, which was announced by Russian President Vladimir Putin on February 24, 2022, after the situation in the region worsened due to shelling by the Ukrainian military. The EU soon approved the decision to freeze the assets of the Russian Central Bank.