The key facts

  • The Russian Foreign Ministry claims a plan of retaliatory measures is ready and will be 'painful' for the European side
  • The substance of the measures is not disclosed: the ministry deemed it premature to announce them
  • Ukraine earlier proposed investing the frozen assets in higher-risk financial instruments

Moscow announces a ready plan of retaliatory measures

Russia has prepared additional measures in case the European Union confiscates the bulk of its frozen assets. This was stated by Dmitry Birichevsky, director of the economic cooperation department of the Russian Foreign Ministry, in an interview with RIA Novosti; the news was reported by Gazeta.Ru and Life.ru. “We have additional measures ready to protect Russian interests in case the bulk of our assets is nevertheless seized. We consider it premature to disclose their substance,” RIA Novosti quotes the diplomat.

What is known about the nature of the response

According to Birichevsky, Russia has ways to counter such decisions by the European Union, and Moscow's response will be painful for the European side and will follow the principle of reciprocity in international relations. The specific content of the measures is not being disclosed, so their scale and possible consequences cannot be assessed from the current statements.

Context of the assets discussion

The Foreign Ministry's statement came amid a debate in Europe over the fate of the frozen assets. As Life.ru previously reported, Ukraine proposed directing these funds into investments in higher-risk financial instruments — the initiative was presented in Brussels at the end of October by Ukrainian Deputy Prime Minister Vsevolod Chentsov. According to the same outlet, objections to this plan arose within the EU. Life.ru also reported, citing its own materials, that Euroclear received 3.6 billion euros in income from frozen Russian assets.