Putin clarifies consequences if West ‘robs’ Russia’s reserves

(MENAFN) President Vladimir Putin has warned that any Western move to confiscate Russia’s frozen sovereign assets would trigger a permanent global shift toward regional payment systems, a change he believes would ultimately benefit the global economy.

Speaking at the Eurasian Economic Forum in Minsk on Thursday, Putin addressed ongoing discussions in the West about using Russia’s frozen reserves—estimated at around $300 billion—to support Ukraine. About €200 billion ($209 billion) is currently held by the Brussels-based clearinghouse Euroclear. Some EU leaders, like foreign policy chief Kaja Kallas, have advocated redirecting these funds to rebuild Ukraine, though several EU member states remain hesitant.

“They keep talking about taking our money,” Putin said. “If they do, the transition to regional financial systems will speed up—and once it begins, there’s no turning back.” He added, “In fact, this might even be a price worth paying.”

Putin went on to say that calling it “theft” was inaccurate: “Theft is done in secret—this is robbery, plain and simple.” He reaffirmed Russia’s commitment to developing independent financial and settlement mechanisms.

Since being frozen, the assets have generated significant interest revenue. Last July, Euroclear transferred $1.63 billion of that income to Ukraine as part of a G7-backed $50 billion loan. The EU is currently exploring ways to legally extract additional proceeds from the frozen assets, though full confiscation remains legally and politically contentious. The International Monetary Fund has cautioned that such a move could undermine trust in Western financial systems.

Moscow has denounced the asset freeze as illegal and hinted at potential retaliatory actions against Western investments in Russia.

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