Russia cautions the West: Don’t take your assets in our nation for granted

• Maria Zakharova, a feisty spokesman for the foreign ministry, said at a media conference that Russia was ready to “act accordingly” 
• She declared that the use of the funds “would be viewed by us as an illegal and deliberately hostile attack
• “Josep Borrell, the head of foreign policy for the European Union, has proposed using the frozen deposits 

As a top official severely criticised states that have imposed sanctions on Moscow, Russia gave the impression on Wednesday that it has not abandoned the concept of seizing Western-owned assets and companies in the nation.

Maria Zakharova, a feisty spokesman for the foreign ministry, said in a media conference that Russia was ready to “act accordingly” if the West wanted to use its frozen state assets, which included over $300 billion in foreign exchange reserves held by the central bank.

She declared on Wednesday that the use of the funds “would be viewed by us as an illegal and deliberately hostile attack, allowing us the right to take retaliatory actions to preserve our interests.”

Josep Borrell, the head of foreign policy for the European Union, has proposed using the frozen deposits to assist pay for Ukraine’s post-war reconstruction.

In response to Moscow sending tens of thousands of troops into Ukraine on February 24, Zakharova said the West’s decision to freeze the assets was against international law.

She emphasised that it was important to remember the foreign assets, businesses, and residents of Western nations who were present on our soil.

We “will recognise this and act accordingly,” Zakharova warned, if the West disregarded the values of democracy, an open economy, private property, and judicial independence.

Since Moscow launched what it refers to as its “special military operation” and ensuing severe Western sanctions, dozens of foreign businesses, including oil major BP (BP.L), French automaker Renault (RENA.PA), and McDonald’s, have suspended operations there.

A plan that would empower the government to seize the assets of Western corporations that have left Russia’s borders received preliminary approval from MPs there in May, though it has not yet become law.

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