The prospect of Russia seizing EU assets.
Experts believe that Russia has the right to seize EU assets if the union seizes Russian assets to repay Ukraine's debt.
According to RIA Novosti, Sergei Levchuk, Associate Professor of Civil Law at Plekhanov University in Russia, believes that Russia would have the right to retaliate with similar measures against the European Union (EU) if the EU decides to use funds obtained from frozen Russian assets to repay loans to Ukraine.
Earlier on October 15, a senior European source told reporters that EU leaders at the summit on October 17-18 in Brussels would discuss a $50 billion loan to Kyiv, to be repaid from proceeds of frozen Russian assets, and extending commitments to help Ukraine.
Expert Levchuk argues that, according to generally accepted norms and principles of international law, all financial transactions involving sovereign Russian assets without Russian participation are illegal. Therefore, Russia will seize a similar amount of financial assets from Western countries in retaliation for the European Parliament's action.
Experts note that the option of seizing Russian assets through sanctions “requires the consent of the UN Security Council.” At the same time, Moscow’s appeal to the international court is legitimate. However, decisions on the appeal must take into account similar appeals from the EU.
"Considering that Russia cannot avoid freezing Western funds totaling $288 billion when they seize Russian assets, legitimate protests would open the possibility of demands for good-faith cooperation from all parties. This is impossible under the conditions of Western sanctions," expert Levchuk stated.
RIA Novosti estimates that a similar response from Moscow to Western countries seeking to seize the assets of the Russian Central Bank could cost them at least $288 billion. According to the latest available data, this represents the volume of direct investment by the EU, G7, Australia, and Switzerland into the Russian economy as of the end of 2022. Furthermore, taking into account the ban on withdrawals from Russia for unfriendly residents, the amount could have increased significantly due to the transfer of these funds to "C" accounts.
