Russian Banker Warns of Retaliation Over EU's Use of Frozen Assets

Andrei Kostin, a leading Russian banker, warned of potential Russian retaliation if the European Union uses frozen Russian assets to provide loans to Ukraine. Kostin suggested the possibility of seizing European assets in response and raised concerns over long-term litigation. He remains open to negotiations, emphasizing the necessity for compromises to achieve peace in Ukraine.

In a stern warning, top Russian banker Andrei Kostin announced that Moscow is poised to retaliate if the European Union proceeds with its plan to utilize frozen Russian sovereign assets for a loan to Ukraine.

During a summit, EU leaders debated using €140 billion in frozen assets as a loan for Kyiv, but consensus was elusive as Belgium withheld support.

Kostin cautioned that Russia might resort to seizing European assets and engage in potentially decades-long litigation. He also expressed a willingness to negotiate, recognizing the importance of concessions in achieving peace.

(With inputs from agencies.)