Russia prepares retaliatory plan against potential EU seizure of assets

By Elena Teslova

MOSCOW (AA) - Russia's lower chamber of parliament, the State Duma, adopted on Thursday a resolution calling on the government and Central Bank to prepare a retaliatory plan in case the EU moves to seize frozen Russian assets.

The resolution condemned an EU proposal to use Russian state assets held by the Euroclear depository in Belgium as collateral for a "reparations credit" to Ukraine.

Lawmakers called the EU plan "an illegal seizure disguised as a loan," arguing that since Russia will never pay reparations, the collateral will never be returned.

The document asserted that this "theft" violates international law and will destroy confidence in the EU as a jurisdiction.

In response, the Duma recommended the Russian government to prepare a legal counterattack, which would begin with lawsuits against Euroclear and Belgium in various jurisdictions, seeking compensation for damages by seizing assets of "unfriendly states."