ST. PETERSBURG, June 7. /TASS/. Moscow will not wait to retaliate to the confiscation of its assets in the West, with a slew of political and economic countermeasures in its holster, Russian Foreign Ministry Spokeswoman Maria Zakharova told a briefing on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"They are planning to pledge Russia’s virtual reserves without preliminary permission, with future revenues from them not only to be immediately pocketed by the West but also spent on some other military ventures aimed against Russia. We will naturally respond appropriately to such steps, as we have always done. We have a range of political, economic countermeasures against those attempting to get hold of Russian reserves," she said. "One should think long and hard before deciding to go ahead with this as countermeasures will follow," the diplomat added.

In May, Russian President Vladimir Putin signed a decree on compensation for damage caused to Russia and its Central Bank due to the US’ unfriendly actions, Zakharova noted. "A similar mechanism may be applied to other countries as well, including in Europe. There is much more of their property and funds in Russia than America’s. Moreover, the US and the EU have already proven that they can no longer be regarded as reliable jurisdictions for foreign investors, whose investment can at any time be confiscated or stolen," she said, adding that "those actions have no legal basis behind them, being simply outright theft."

The St. Petersburg International Economic Forum (SPIEF) is being held on June 5-8. This year’s theme is "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.