Head of Russian Banking Association: 50 years in court if EU seizes Russian assets

Andrei Kostin, head of the Russian Banking Association, warned that if the EU uses frozen Russian assets as a loan to Ukraine, Moscow will retaliate and up to 50 years of litigation could follow.

He was reacting to the Union's plan under which Ukraine could receive €140 billion from frozen Russian state reserves. According to Kostin, Moscow could also respond by seizing the assets of European investors in Russia.

However, he also indicated that Russia is open to compromise - in the event of a broader peace deal, he could also imagine the distribution of state assets for Ukraine's reconstruction. However, he stressed that such a move must be the result of negotiations and the consent of both sides.

Kostin also called for legal offensives against the EU and Belgium, including a lawsuit in the UN court. His remarks come ahead of a visit by US emissary Steve Witkoff, which he said opens further room for diplomatic concessions.

(reuters)