Some European countries are cautious about Russia's asset seizure proposal. (Source: Getty Images)

The EU, UK and France have stressed that the money received through confiscation will not be easily accessible and will not be enough to cover Ukraine's reconstruction needs.

The countries noted that the seizure of Russian assets should not jeopardize the provision of financial assistance to Kiev in 2024.

The US has proposed that experts from the Group of Seven (G7) industrialized nations seek to seize $300 billion worth of frozen assets from Moscow.

With the support of the UK, Japan and Canada, the US proposed preparing asset seizure options for the G7 meeting that could take place on February 24, 2024.

After Russia launched a military campaign in Ukraine in 2022, the US and its allies imposed a series of sanctions, including freezing Russian assets in those countries. The amount of frozen assets is estimated at up to $300 billion.

On the Russian side, earlier on December 22, Kremlin spokesman Dmitry Peskov declared that the country does not accept the illegal confiscation of Russian assets and that it is extremely dangerous for the world financial system.

Mr. Peskov stressed that there will be legal consequences for those who initiated and carried out illegal seizures of Russian assets. Moscow will also take similar measures in response.

According to the European Commission, about 260 billion euros ($285 billion) of Russian central bank assets were frozen in G7 countries, the EU and Australia last year.

About 210 billion euros ($230 billion) of Russia's reserves are held in the EU, including 191 billion euros in Belgium and 19 billion euros in France. Switzerland holds about 7.8 billion euros, followed by the US with 5 billion euros.