In an annual press conference held in Moscow on Tuesday, Russia's Foreign Minister Sergey Lavrov issued a stern warning to the West, cautioning that Moscow would take strong actions if the United States and European Union proceeded with plans to seize hundreds of billions of dollars worth of Russian assets.

The warning comes as a response to the sanctions imposed on Russia following President Vladimir Putin's deployment of troops into Ukraine in 2022. In response, the United States and its allies implemented measures that prohibited transactions with Russia's central bank and finance ministry, resulting in approximately $300 billion of sovereign Russian assets being blocked in the West.

On Monday, the European Union took a concrete step towards its goal of using the frozen Russian central bank assets to finance the reconstruction of Ukraine. The EU announced the adoption of a law that would set aside windfall profits earned from these assets.

Russia's Foreign Ministry Spokeswoman Maria Zakharova, speaking to Sputnik radio, condemned this move as theft, stating, "This is theft: It's the appropriation of something that doesn't belong to you." Zakharova further emphasized that Moscow's response would be "extremely tough," emphasizing that Russia perceives the situation as dealing with thieves.

Zakharova hinted at potential retaliatory measures, stating, "Considering that our country has qualified this as theft, the attitude will be towards thieves. Not as political manipulators, not as overplayed technologists, but as thieves." Russia has previously indicated that it would seize U.S., European, and other assets if its property were to be seized.

As tensions continue to escalate between Russia and the West, the threat of further economic retaliation looms. The fate of the frozen Russian assets remains a contentious issue, with both sides refusing to back down. The potential repercussions of any such seizures could have wide-ranging implications on the already strained relations between Russia and Western nations.