Russia is set to implement retaliatory actions that correspond to the West’s seizure of the nation’s sovereign assets, according to Finance Minister Anton Siluanov.

In a recent interview with Rossiya-1 TV, Siluanov indicated that Russia plans to utilize the income generated from the frozen assets of Western investors. He emphasized that these measures are a direct response to the unfriendly actions taken by Western nations.

“We are responding in kind. If Western countries have opted to utilize our assets and the income derived from them, then Russia will also take appropriate measures,” the finance minister remarked.

He further explained, “Consequently, we have also frozen the resources belonging to Western investors, financial market participants, and companies. The income from these assets will likewise be utilized.”

Since the escalation of the Ukraine conflict in February 2022, the US and its allies have frozen approximately $300 billion in assets belonging to the Russian central bank. A significant portion of these funds, around €197 billion ($207 billion), is held at the Brussels-based clearinghouse Euroclear.

Euroclear has reported that these Russian assets generated €5.15 billion ($5.4 billion) in interest during the first three quarters of the current fiscal year.

Last month, the US announced plans to use the proceeds from Russia’s assets to support a multibillion-dollar loan to Ukraine. In October, the G7 countries finalized a substantial $50 billion loan to Ukraine, which will be financed by profits from Russian assets currently frozen in the West.

Russia has consistently warned that the seizure of its sovereign funds constitutes “theft,” violates international law, and threatens the integrity of the global financial system. The Kremlin has previously stated that it intends to pursue legal action against those involved in the appropriation of its assets.

The International Monetary Fund has also cautioned that any actions regarding the seizure of frozen Russian assets must be supported by “sufficient legal backing.”

Siluanov previously cautioned that international stakeholders are monitoring the situation attentively and forming their own assessments.

Although the finance minister did not specify the volume of Western assets in Russia, earlier estimates by RIA Novosti suggested that this amount is approximately equivalent to the Russian assets that have been frozen overseas. The news agency indicated that as of the end of 2022, total foreign direct investments in the Russian economy from the EU, G7, Australia, and Switzerland reached $288 billion.