Putin Condemns Freezing of Russian Assets in the West as ‘Theft’

MOSCOW — Russian President Vladimir Putin on Friday condemned the freezing of Russian assets abroad, labeling it as “theft” and warning that such actions would “not go unpunished.”

The condemnation follows a decision by G7 leaders on Thursday to approve a new $50-billion loan for Ukraine, utilizing profits from the frozen Russian assets. US President Joe Biden highlighted that this move signals to Moscow that the West is “not backing down.”

Asset Freezing and Reactions

The G7 and the EU froze approximately 300 billion euros ($325 billion) of Russian central bank reserves shortly after Russia’s invasion of Ukraine in February 2022. Putin criticized Western countries for attempting to create “some kind of legal basis” to justify their actions, asserting that “despite all the trickery, theft is still theft and will not go unpunished.”

Heightened Tensions

Putin further warned that the ongoing standoff between Moscow and the West is nearing an “unacceptably close to the point of no return” and emphasized that Russia “possesses the largest arsenal of nuclear weapons.” Throughout the conflict with Ukraine, Putin has frequently referenced Russia’s nuclear capabilities, framing the conflict as part of a broader “hybrid war” against NATO.

Ukraine Peace Forum Criticized

Additionally, Putin criticized a Ukraine peace forum occurring in Switzerland this weekend, dismissing it as a “trick to distract everybody.” Notably, Moscow was not invited to the conference, which will be attended by heads of state and senior officials from around 90 countries and international organizations.