West Holds Russia-Linked Assets Worth 280 Billion US Dollars, Kremlin Slams Washington's Plan to Transfer Them to Ukraine

Dmitry Peskov. (Wikimedia Commons/have a dream

JAKARTA - The Kremlin has condemned the United States' plans to transfer Russia-linked funds to Ukraine, as the West holds various assets worth up to 280 billion US dollars.

Kremlin spokesman Dmitry Peskov said Washington's plan to send money from sanctioned Russian businesspeople to Ukraine was illegal and would be opposed.

This departs from the words of US Secretary of State Antony Blinken during a visit to Kyiv on Wednesday, that Washington will transfer assets confiscated from sanctioned Russian oligarchs amounting to USD 5.4 million, to help Ukrainian military veterans."

"This is difficult to imagine and goes against everything in international law and the national laws of these countries. However, as soon as the opportunity arises, we will defend our rights," explained Peskov, quoted by Reuters, September 8.

Peskov further said that several Russian businessmen had obtained court rulings in European countries declaring such transfers illegal.

"Not a single case of such illegal storage will go unpunished," he said.

Meanwhile, the REPO (Russian Elites, Proxies and Oligarchs) task force, which was created to search for and freeze Russia-linked assets, estimates the total value of Russia's sovereign assets, blocked by the West, at 280 billion US dollars.

"The total value of assets is estimated at around 280 billion US dollars, most of which are held in the European Union," the US Treasury Department said in a statement about the REPO meeting, as quoted by TASS.

According to the document, the task force has completed "initial efforts to map and account for Russia's immobile sovereign assets held in REPO member jurisdictions."

"REPO members are committed to taking steps to map this ownership in full, ensuring that Russian sovereign assets that are in the jurisdiction of REPO members will remain immovable until Russia pays for the damage it has caused in Ukraine," the statement said.

In addition, the meeting participants also discussed "continued efforts to counter sanctions evasion and interfere with Russia's efforts to acquire important dual-use technologies."

REPO is a Western multilateral agency tasked with searching for and seizing property linked to Russia in accordance with sanctions. This group consists of the US Secretary of Justice and Treasury, as well as officials from Australia, Britain, Germany. Italy, Canada, France, Japan and the European Commission.