Siluanov estimated how many Western assets are frozen in Russia

In Russia, no less Western assets are frozen than they have Russian ones, Siluanov said and promised a symmetrical response to any actions with assets. Earlier, the minister said that Western countries had frozen $300 billion of Russian reserves Anton Siluanov

Any actions with Russian assets in the West will receive a symmetrical response; in Russia, no less Western assets are frozen, Finance Minister Anton Siluanov said in an interview with RIA Novosti.

“This is not a question for us; we are following the decisions of Western countries. We have no less frozen ones either. Any actions with our assets will receive a symmetrical response,” the minister said.

According to him, other countries, for example China , are already drawing their own conclusions from this situation and reducing their participation in American securities, and the reliability of the dollar and euro has been completely undermined.

After the start of the special operation in Ukraine , the EU and G7 countries froze about $280 billion (€260 billion) of the assets of the Russian Central Bank , both in the form of cash and securities, the US Treasury reported . Over two thirds of them were frozen by the European Union. Siluanov estimated frozen assets at approximately $300 billion in 2022.

Most of the frozen Russian assets are located in the Belgian Euroclear (which includes the depository of the same name and Euroclear Bank), from which the group earned about €3 billion in just nine months of last year.

There have been repeated calls in the West and in Kyiv to use frozen Russian assets to restore Ukraine. According to Kyiv, direct damage from military operations amounted to $750 billion, and taking into account indirect damage - $1 trillion. In early February, EU countries approved a mechanism that provides for the use of income taxes (windfall taxes) from frozen Russian assets to help Ukraine. The proceeds are planned to be used to partially finance the €50 billion budget assistance program for Ukraine, adopted for the period from 2024 to 2027.

Bloomberg sources familiar with the discussion of the issue said that London and Washington insist on the complete confiscation of Russian assets. Ottawa is open to this proposal. Paris and Berlin are opposed , as they do not want to create a dangerous precedent that could also lead to negative consequences for the euro.

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The Russian Foreign Ministry stated that any measures regarding frozen assets would be perceived as “theft” and threatened harsh retaliatory measures. Reuters interlocutors familiar with the position of the Central Bank and the Russian government said that in Moscow “deep down, everyone has already said goodbye to the reserves,” but they intend to go to court in the event of confiscation. Presidential press secretary Dmitry Peskov confirmed that any form of seizure of Russian assets in the West will be challenged in court.