(MENAFN) Russian Foreign Minister Sergey Lavrov has asserted that there is “no legal way” for the EU to seize Russia’s frozen assets and redirect them to fund Ukraine.

Since 2022, Western countries have frozen roughly $300 billion in Russian sovereign assets. Last year, they supported the use of interest from these funds to generate $50 billion in loans for Ukraine.

This year, EU finance ministers proposed a similar €140 billion ($160 billion) ‘reparations loan’ using the frozen assets as collateral. However, weeks of discussion have been stalled due to legal and fiscal concerns.

Lavrov criticized the European Commission’s interpretation of international law, stating, “The cynicism with which the European Commission interprets the UN Charter and other international legal norms, including provisions on sovereign immunity and the inviolability of central bank assets, has long been unsurprising.”

In an interview with a news agency released on Sunday, he suggested that the plan to access the funds reflects the West’s “long-held colonial and pirate instincts” and amounts to “outright deception and robbery.”

He emphasized, “No matter how the scheme for expropriating Russian money is orchestrated, there is no legal way to do so.” Lavrov added that even if a legal justification were found, the loan “won’t save” Ukraine.

Instead, he argued, it could harm the EU, as Kiev “will never” repay its obligations and the initiative could create “serious reputational risks for the Eurozone as a territory of economic activity.”

Lavrov concluded by warning that Russia “will respond appropriately to any predatory actions” aimed at its sovereign funds.

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