Moscow, 20 December (H.S.): Russian President Vladimir Putin issued a stern admonition on Friday during his annual year-end press conference, cautioning the European Union that deploying approximately €210 billion in frozen Russian sovereign assets to aid Ukraine would trigger severe consequences for those involved, branding the prospective maneuver as outright robbery.

Responding to a direct query on the contentious issue amid his marathon Direct Line session, President Putin differentiated the scheme from mere theft, observing that while theft means secretly stealing property, the EU's overt intention constituted daylight robbery. He attributed the bloc's failure to advance the plan—despite earlier proposals for a €140-165 billion reparations loan secured against these assets held primarily at Belgium's Euroclear depository—to an awareness of the dire repercussions, including erosion of global financial trust and retaliatory measures from Moscow.

The assets, immobilized since Russia's 2022 invasion of Ukraine, encompass central bank reserves, securities, and other holdings, with the EU having indefinitely frozen them in December to circumvent vetoes from Hungary and Slovakia while earmarking profits for Kyiv's defense.

President Putin emphasized that such expropriation under various pretexts would undermine the eurozone's credibility as a secure repository for international reserves, potentially alarming nations worldwide and precipitating legal challenges in receptive jurisdictions. Russia has already initiated court actions against Euroclear in Moscow, vowing comprehensive countermeasures to safeguard its interests without specifying further details during the four-hour event watched by millions.

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Hindusthan Samachar / Jun Sarkar