Andrei Kostin, 69, CEO of Vneshtorbank (VTB), a bank with 61% state ownership, announced that Moscow would respond if the European Union (EU) confiscates Russia's frozen assets to provide loans to Ukraine.
In October, EU leaders proposed using 140 billion euro (162 billion USD) of Russian Central Bank assets, frozen at Euroclear in Belgium, as a loan to fund Ukraine's defense and budget needs. However, this plan faces opposition from Belgium, which is concerned about potential Russian retaliation.
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Andrei Kostin, VTB CEO, speaks during an interview at his office in Moscow on 27/11. Photo: Reuters |
"We can still manage even without that money. The only issue is that this money could be used for war, not peace", Kostin stated ahead of US envoy Steve Witkoff's visit to Moskva on 2/12.
He criticized the EU for "inciting war not just with their own hands, but with others' money" and emphasized that this action "lacks any legal basis."
The VTB chief declared that Russia would retaliate by seizing assets of European investors in Russia. He also warned of "50 years of litigation" even after peace is established in Ukraine.
He added that Russia would sue the EU, Belgium, and Euroclear in Russian and international courts, and suggested initiating a lawsuit at the United Nations court.
However, Kostin expressed more openness to the idea of dividing Russian assets as part of a peace agreement in Ukraine. Under an initial US-backed peace plan, 100 billion USD from frozen Russian assets would be invested in Ukraine's reconstruction, with the remainder going into a joint US-Russia fund.
"If Russia agrees and is willing, then anything is possible. It's a matter of agreement", Kostin said.
He deemed Witkoff's visit to Moskva important and affirmed Russia's readiness for concessions in negotiations, but noted that parties would need more time to reach an agreement.
"Sooner or later, we will reach an agreement. Reality shows that compromise is necessary. Russia is also ready to compromise because one-sided negotiations are not possible", he added.
Hong Hanh (According to Reuters)
