(MENAFN) In a strong rebuke, Moscow has criticized the European Union's (EU) proposal to seize profits from frozen Russian assets and redirect them to Ukraine, labeling the move as a flagrant violation of international law. The Foreign Ministry in Moscow conveyed its objections to the plan, stating that any actions against Russia's sovereign assets and those owned by its citizens and companies would be perceived as "economic racketeering on the part of the collective West."

The European Union's initiative, which aims to utilize profits held by Belgium-based clearing house Euroclear – estimated at EUR196.6 billion (USD211 billion) in Russian assets – has drawn ire from Moscow. Euroclear reportedly accrued nearly EUR4.4 billion in interest from funds in sanctioned Russian accounts last year. While European Union ambassadors have agreed to channel these profits to support Ukraine, the proposal is pending approval by the European Council and is expected to refrain from directly touching the assets themselves.

In response, Moscow's Foreign Ministry characterized the European Union's actions as the invention of "openly fraudulent schemes for the seizure of income from Russian assets," suggesting that it is an attempt to create the illusion of legitimacy while engaging in what Moscow deems as outright theft. The ministry contended that European Union members appear unwilling to bear the financial burden of supporting the "doomed 'Ukrainian project'" from their own resources, leading them to entertain the idea of utilizing funds allegedly stolen from Russia to bolster the Zelensky regime.

The diplomatic tension underscores the complexities surrounding the ongoing conflict between Russia and Ukraine, with economic measures becoming a focal point of contention.

As the European Union's proposal navigates the approval process, the potential repercussions on international relations and the broader geopolitical landscape remain uncertain, prompting global observers to closely monitor developments and their impact on diplomatic ties between Russia and the European Union.

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