The government of Russia has revealed a new plan to counter the utilization of revenue from its frozen foreign assets in a $50 billion loan to Ukraine: a counterpunch. In a recent interview, Russian Minister Anton Siluanov addressed the issue, explaining that Russia would respond ‘in kind’ to the actions of the European Union (EU) and the Group of Seven (G7).

Siluanov stated:

We also have frozen resources of Western investors and Western participants in the financial market, companies. The income from these assets will be used in the same way as the actions of those countries that have frozen our gold and foreign exchange reserves and use the income from the placement of these reserves.

Siluanov’s statements open the possibility of utilizing already frozen Western assets under the principle of reciprocity for various purposes, indicating that these measures would be implemented after confirming unfriendly actions against Russia. While there is no independent confirmation of the figures, Russian media reported in January that nearly $288 billion in Western assets on Russian soil were subject to confiscation, making this a comparable retaliatory action to the estimated $300 billion seized from Russia.

Russian authorities had hinted at this development before, with Russian Foreign Ministry spokesperson Maria Zakharova noting that the nation would resort to tit-for-tat measures if any actions against Russian assets were to be taken. Zakharova stressed such an action would be considered an “escalation of economic aggression and an element of a hybrid war against our country.”

The legality of utilizing these assets as collateral for this loan has been contested. Several analysts explain that this could unleash a series of difficulties for the U.S., pushing international investors to consider alternatives to avoid possible confiscation risks. President Putin has referred to these retaliatory actions as “trickery and theft” that will not “go unpunished.”

Read more: Critics: G7’s $50 Billion Russian Assets-Backed Loan Might Upset the West’s Financial Stability

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