A Kremlin official has warned that the European Union’s plan to seize £80billion of Russian assets to aid Ukraine could be enough justification for Putin going to war with Europe.
Dmitry Medvedev, one of the Kremlin’s most hardline voices, who serves as the deputy chairman of the Russian Security Council, said on Thursday that Moscow would view the proposal as equivalent to a direct provocation.
In a statement, he said: ‘If the crazy European Union does, after all, try to steal Russian assets frozen in Belgium under the guise of a so-called ‘reparations loan’, Russia may well view this move as tantamount to a casus belli with all the relevant implications for Brussels and individual EU countries.’
His threat came a day after the European Commission unveiled its most far-reaching financial proposal of the war so far – an attempt to raise nearly £80billon for Ukraine, either by borrowing against frozen Russian assets or by seizing them outright.
Commission president Ursula von der Leyen said the plan would cover two-thirds of Kyiv’s funding needs until 2027.
She called it an essential step at a time when Ukraine is struggling to sustain its military operations and keep basic state services running.
‘We are proposing to cover two-thirds of Ukraine’s financing needs for the next two years. That’s €90 billion,’ she said. ‘Since pressure is the only language the Kremlin responds to, we can also dial it up.’
The proposal would prevent the return of over £180billion in Russian state and private assets frozen in banks and clearing houses across the EU since 2022.
Putin could go to war with Europe if Russian assets are used to aid Ukraine in the war, according to a Kremlin official
Devastation after Russian attacks on Ukraine in late November. The EU is considering seizing £80billion of Russian assets to aid Ukraine
Dmitry Medvedev attending an official meeting in Moscow on November 27. He has warned that any attempts to ‘steal’ Russian assets could justify Putin going to war with Europe
The largest share, around £160billion, is held by Euroclear in Belgium, whose government has repeatedly warned it does not support handing the assets to Ukraine due to fears it would become legally liable for the entire sum.
Medvedev’s threat marks the most explicit suggestion yet from a senior Russian official that Moscow could treat the loss of its assets as grounds for a wider conflict with the EU.
Western governments have so far avoided full asset seizure, citing legal risks and the possibility that retaliatory measures could endanger European property inside Russia.
The warning also landed as the United States struggles to revive momentum for peace talks.
President Donald Trump’s special envoy, Steve Witkoff, and Trump’s son-in-law, Jared Kushner, spent five hours in Moscow on Tuesday in discussions with Vladimir Putin and senior Russian officials.
The Kremlin said later that no progress had been made toward a settlement to end the war.
Witkoff and Kushner had been expected to travel to Brussels on Wednesday to brief Ukrainian president Volodymyr Zelensky.
The two are now expected to meet Ukrainian official, Rustem Umerov, who previously served as the minister of defence, in Miami today for further talks.
Their visit followed weeks of diplomatic turbulence after a draft US peace proposal leaked, alarming Kyiv and European governments who feared Washington was preparing to concede ground to Russia.
Putin and Trump’s representatives Steve Witkoff and Jared Kushner had discussions aimed at ending the war in Ukraine. The Kremlin said no deal had been reached
A residential building set ablaze after a Russian strike on December 1. Putin has demanded the concession of Ukrainian land as a stipulation to end the war
A revised framework negotiated in Geneva was presented as more favourable to Ukraine, but key disagreements, including territorial questions, remain unresolved.
On Wednesday, Trump admitted that the path ahead for further peace discussions remained ‘unclear’, despite his assertions that Putin had ‘reasonably good’ talks with his envoys.
He told reporters in the Oval Office: ‘What comes out of that meeting I can’t tell you because it does take two to tango. We have something pretty well worked out (with Ukraine).’
Trump insisted his administration believes Putin is serious about finding a way to end the war.
Putin has also said that a search for a solution to the Ukraine war is a difficult task. Speaking to India Today, he said: ‘I think it is too early to say, but this meeting was necessary.’
Speaking about the talks on Wednesday, his spokesperson, Dmitry Peskov, said: ‘A direct exchange of views took place yesterday for the first time.
‘Some things were accepted, some things were marked as unacceptable. This is a normal working process of finding a compromise.’
Meanwhile, several European officials, including Ukraine’s foreign minister, Andrii Sybiha, hit out at the Russian president, accusing him of ‘wasting the world’s time’ by stretching out the talks.
He said: ‘Russia must end the bloodshed it has started,’ he said. ‘If this doesn’t happen and Putin just spits into the world’s face once again, there must be consequences.’
Despite Putin’s demands, Zelensky has vowed not to give up Ukrainian territory, a stance backed by several EU governments.
His chief of staff, Andriy Yermak, told The Atlantic last week: ‘As long as Zelensky is president, no one should count on us giving up territory. He will not sign away territory. The constitution prohibits this.
‘Nobody can do that unless they want to go against the Ukrainian constitution and the Ukrainian people.’
This week, Putin celebrated the capture of Pokrovsk, a city in eastern Ukraine. Russian state TV showed videos of soldiers raising the country’s flag in what appeared to be the city centre
Putin and Trump during their meeting at Anchorage in Alaska in August. Although Trump has said the path for fresh talks remain ‘unclear’ he still insisted that his administration believes Putin is serious about coming up with a deal
This week, Putin hailed the victory of his forces on the battlefield when the eastern Ukrainian city of Pokrovsk fell.
He said the advance was an important step toward Moscow’s wider military goals.
Russian state television repeatedly showed footage of soldiers raising a flag in what appeared to be the city centre.
Meanwhile, more than 50,000 people in Odesa have been left without power after further Russian strikes on Ukraine. The latest overnight attacks injured seven people, including one child, in Dnipropetrovsk.
After a number of attacks on Turkey’s Black Sea Coast, the country cautioned both Russia and Ukraine to keep energy infrastructure out of their line of attack.
In recent months, both countries have ramped up strikes on energy sites, plunging thousands of people into darkness and without fuel.
Ahead of Putin’s meeting with Witkoff and Kushner, he issued a stern warning that he was ready for a fight with Europe.
He said: ‘We are not planning to go to war with Europe, but if Europe wants to and starts, we are ready right now. There can be no doubt about that.’
But a NATO official disputed his claim of readiness, saying that Russia does not have the military capability to take on the continent.
