Jens Asbjørn Bøgen
The Kremlin has stated that “Russia is taking the measures it deems necessary to safeguard its interests”.
The Kremlin has stated that “Russia is taking the measures it deems necessary to safeguard its interests”.
What is happening?
The Kremlin announced on Tuesday it will hit back at Western sanctions and asset freezes by seizing and nationalizing foreign-owned companies and property within Russia.
The move, confirmed by Kremlin spokesperson Dmitry Peskov, comes amid ongoing economic tensions between Moscow and the West, particularly the European Union.
Peskov: Russia must protect its national interests
Speaking at his daily press conference, Dmitry Peskov said Russia is acting in response to a “hostile climate” created by European nations.
He made clear that Russia sees recent economic moves as aggression and will act accordingly:
“Russia is taking the measures it deems necessary to safeguard its interests,” he stated.
EU aims to fund Ukraine with frozen Russian assets
The European Commission has proposed a €140 billion loan for Ukraine, to be repaid only after Russia pays war reparations.
Until then, the money would be backed by profits generated from frozen Russian assets—chiefly the €185 billion held in Belgium through the Euroclear clearing house.
Von der Leyen: Plan avoids full asset seizure
European Commission President Ursula von der Leyen insists the loan proposal doesn’t amount to confiscation.
She argues that EU guarantees to Euroclear will reduce financial market risks and protect the euro.
However, critics note that the plan effectively involves seizing Russian wealth—an action likely to provoke a sharp backlash.
Russia dismisses reparations talk as ‘illusion’
Foreign Ministry spokesperson Maria Zakharova said the idea of war reparations is “completely illusory.”
She questioned von der Leyen’s rationale, asserting that “only the losers in wars pay reparations,” implying that Moscow doesn’t accept the premise at all.
Moscow links asset seizures to EU’s Ukraine support
Peskov’s remarks came as he was asked whether recent nationalizations in Russia were directly tied to the EU’s plans to use frozen Russian assets to support Ukraine.
He confirmed that if Western countries go ahead with seizing and redirecting Russian property, Moscow will “use all available legal instruments” to respond.
Over 100 companies nationalized since war began
Since the invasion of Ukraine in February 2022, Russia has nationalized more than 100 companies, including major foreign firms such as Shell, Danone, and ExxonMobil.
Some of these assets were foreign-owned, while others belonged to Russian citizens. The trend reflects a broader push to consolidate control over strategic sectors.
Russia warns of ‘adequate’ political and economic response
Moscow has sharply criticized the EU’s plans. Last week, the Russian Foreign Ministry declared that any confiscation of frozen assets would trigger a robust reaction.
“Russia has a sufficient arsenal of countermeasures,” the ministry stated, signaling readiness for economic retaliation if the loan scheme proceeds.
This article is made and published by Jens Asbjørn Bogen, which may have used AI in the preparation
