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An ally of President Vladimir Putin warned Europe today that Russia has already drafted legislation to retaliate if the West seizes nearly $300 billion in Russian assets and uses them to help Ukraine.
Senior US officials want to seize the assets and use them to help rebuild Ukraine, although some bankers and European officials have expressed concern that this would set a dangerous precedent.
The US House of Representatives on Saturday approved legislation that includes a bill that would allow the seizure of Russian state assets, although most of those assets are located in Europe.
The Kremlin has repeatedly said that any seizure of its assets would go against all Western free-market principles and undermine confidence in the US dollar and euro, while hampering global investment and undermining confidence in central banks. Western.
Russia has also said it will take legal action against any seizure of its assets.
"We have prepared a draft law, which we will approve immediately if our assets are confiscated. Europe will lose more than us", a Russian official is said to have said.
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