The West will lose assets and investments amounting to at least $288 billion if it confiscates frozen Russian assets in order to help in the reconstruction of Ukraine. Moscow subsequently responded to this step, according to what the Russian Information Agency reported.
The United States and its allies blocked transactions with the Russian Central Bank and Finance Ministry after President Vladimir Putin sent troops to Ukraine in February 2022, blocking about $300 billion in Russian sovereign assets in the West.
Asset confiscation efforts
In recent months, American and British officials have worked to push for the confiscation of frozen Russian assets in Belgium and other European cities in order to help with reconstruction in Ukraine.
Reuters quoted three unnamed sources as saying last month that they hope that the leaders of the G7 countries will agree to issue a stronger declaration of intent when they meet in late February, on the second anniversary of the start of the Russian-Ukrainian war.
Moscow accused Washington of trying to pressure countries in Europe, where most Russian assets are concentrated, to join these measures. The Kremlin said that Moscow has a list of American, European and other assets that will be confiscated if Western countries go ahead with this step.
The Russian Information Agency referred to data that it said showed that direct investments by the European Union, the G7 countries, Australia and Switzerland in the Russian economy amounted to a total of $288 billion until the end of 2022.
Western investments
The agency said that European Union countries own $223.3 billion of these assets, including $98.3 billion officially owned by Cyprus, $50.1 billion by the Netherlands, and $17.3 billion by Germany.
She added that France is also among the five largest European investors in the Russian economy, with assets and investments worth $16.6 billion, and Italy is worth $12.9 billion.
The Russian Information Agency continued that Britain, among the G7 countries, is one of the largest investors, pointing to data that showed that British assets in Russia were worth $18.9 billion by the end of 2021.
It stated that the United States has assets in Russia worth $9.6 billion until the end of 2022, Japan $4.6 billion, and Canada $2.9 billion.
She added that Switzerland and Norway invested $28.5 billion and $139 million, respectively, until the end of 2022, while data showed that Australia invested $683 million until the end of last year.
