The sovereign funds have been seized by the West as part of Ukraine-related sanctions
Nearly $300 billion worth of Russian forex reserves have been frozen by Western countries since March 2022. The EU has been looking into ways to legalize tapping profits from those funds, but Moscow has warned that any such move would constitute theft.
Russian officials have repeatedly said the confiscation of state and private assets goes against all the principles of free markets. Finance Minister Anton Siluanov has warned of “an absolutely symmetrical response,” noting that there are “sufficient assets” in ‘C-type’ accounts, specialized ruble-denominated bank accounts. Some of these include dividend reserve liabilities to counterparties from ‘unfriendly’ countries (those that support sanctions). Siluanov added that all of those assets are frozen, “the amount isn’t small,” and the proceeds from their use are significant.
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