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Russia will solve problem of frozen assets and take retaliatory measures if necessary

"If this step is taken, our Western partners will only make things worse for themselves," Russian Finance Minister Anton Siluanov added

SAO PAULO, February 27. /TASS/. Russia will find a way out of the situation with frozen reserves and will take retaliatory measures if necessary, Russian Finance Minister Anton Siluanov told reporters on the sidelines of a meeting of finance ministers and central bank governors of the BRICS countries in Sao Paulo, Brazil.

"We will still find a way out of this predicament. However, these moves jeopardize decades-long stability of the global financial system. We have ways to respond. We have also frozen sufficient volumes of financial assets and investments of foreign investors in our securities, all of which transfers we carry out for the owners of our securities," Siluanov commented on another initiative to confiscate Russian reserves blocked in the West.

The minister stated that such plans weaken the financial system's fundamentals by subjecting national banks' gold and foreign exchange reserves to political limits and freezes.

"If this step is taken, our Western partners will only make things worse for themselves, as was done with restrictions on settlements in dollars, settlements in clearing systems, and logistics," Siluanov said.

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