UPDATE 1-Russian Duma says any asset seizure by EU must be met by action against Belgium and Euroclear

Russia's parliament said on Thursday that any seizure of Russian assets by the European Union must be met by legal action against Belgium and Euroclear, the Belgium-based depository where the immobilised assets are held.

In a resolution, it also proposed using assets of non-residents from "unfriendly countries" to compensate for losses imposed on Russia. The European Commission has proposed a plan allowing EU governments to use up to 185 billion euros ($217 billion) - most of the 210 billion euros worth of Russian sovereign assets currently frozen in Europe - to provide loans to Ukraine, although without confiscating them.

The resolution by the Duma, the lower house of parliament, said the proposed use of Russian assets by EU member states "is effectively an illegal seizure of property, and therefore, if implemented, it can be regarded as outright theft." It added: "Any attacks on Russian assets must be met with an appropriate legal response, beginning with claims for damages —with a demand for the seizure of assets as a security measure —against Euroclear and Belgium, where the bulk of the illegally frozen sovereign funds are held, in any jurisdiction.

"Assets of non-residents from unfriendly states may also be used as a source of compensation."

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