Kremlin says G7 using Russia's reserves for Ukraine would be 'outright theft'

The Kremlin said on Tuesday (May 18) it would be “outright theft” for the Group of Seven economic powers and European Union to seize Russia’s frozen reserves and spend them on behalf of Ukraine.

German Finance Minister Christian Lindner told four European newspapers that he was open to the idea of seizing Russian state assets to finance the reconstruction of Ukraine and that proposals to that effect were already being discussed among the G7 and in the EU. 

Kremlin spokesman Dmitry Peskov told reporters that no one had informed Russia of such an initiative, which he said would be “illegal, blatant and of course requiring an appropriate response… It would be, in fact, outright theft.”

The Group of Seven major Western powers banned transactions with Russia’s central bank and froze its assets held in their jurisdictions, worth around $300 billion (S$416 billion), after Russia launched what it called its special military operation in Ukraine in Feb.

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