As a result of the Russian invasion of Ukraine, the United States and several European countries blocked the transfer of funds to the Russian Central Bank and the Ministry of Finance.

Since then, more than $300 billion belonging to Russia has been frozen in banks abroad, mostly European.

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Now several senior US politicians want to hand over the frozen funds to Ukraine. On Saturday, the House of Representatives approved a bill that could allow the United States to seize Russian funds held in American banks.

If that happens, Russia promises to retaliate, and according to Putin ally Valentina Matvienko, the whole thing could hurt Europe more than it hurts Russia.

He writes Reuters And CNBC.

– We will respond in the appropriate manner

Matvienko is Chairman of the Russian Senate and a member of the Russian Security Council.

– The Europeans know that we will respond very harshly, and that we will respond in the appropriate way, as you say, according to the media.

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She did not reveal any details about what the response might include, but claims that a draft law that would contribute to retaliation is ready.

Watch the video: Surrender of Ukrainian soldiers

Many of them are skeptical

Finance ministers and central bank governors from the G7 countries agreed last week to continue cooperation in order to use frozen Russian funds to help Ukraine.

In March, Russia warned the European Union against using frozen Russian funds.

According to Reuters, many economists and politicians are concerned that the use of Russian money could help create an unfortunate trend.