Agency: The West will lose $288 billion if Russian assets are confiscated

The Russian Information Agency reported on Sunday that its estimates indicate that the West will lose assets and investments amounting to no less than $288 billion if it confiscates frozen Russian assets in order to help in the reconstruction of Ukraine, and Moscow subsequently responded to this step.

The United States and its allies banned transactions with the Russian Central Bank and Ministry of Finance, which led to the blocking of about $300 billion in Russian sovereign assets in the West.

In recent months, American and British officials have worked to push forward efforts to confiscate frozen Russian assets in Belgium and other European cities in order to assist in the reconstruction of Ukraine, where areas have been devastated.

Moscow accused Washington of trying to pressure countries in Europe, where most Russian assets are concentrated, to join these measures. The Kremlin said that Moscow has a list of American, European and other assets that will be confiscated if Western countries go ahead with this step.

The Russian Information Agency indicated that direct investments by the European Union, the G7 countries, Australia and Switzerland in the Russian economy amounted to a total of $288 billion until the end of 2022.

She said that European Union countries own $223.3 billion of these assets, including $98.3 billion officially owned by Cyprus, $50.1 billion by the Netherlands, and $17.3 billion by Germany.

She added that France is also among the five largest European investors in the Russian economy, with assets and investments worth $16.6 billion, and Italy is worth $12.9 billion.

The Russian Information Agency continued that Britain, among the G7 countries, is one of the largest investors, pointing to data that showed that British assets in Russia were worth about $18.9 billion until the end of 2021.

It stated that the United States has assets in Russia worth $9.6 billion until the end of 2022, Japan $4.6 billion, and Canada $2.9 billion.

She added that Switzerland and Norway invested $28.5 billion and $139 million, respectively, until the end of 2022, while data showed that Australia invested $683 million until the end of last year.