The Kremlin warned the West on Friday that it has a list of American, European and other assets that will be seized if G7 leaders decide to seize $300 billion in frozen Russian central bank reserves, Reuters reported, citing news .US

Leaders of the G7 industrialized nations will discuss a new legal theory that would allow the seizure of frozen Russian assets when they meet in February, two sources familiar with the plans and a British official said on Thursday.

Kremlin spokesman Dmytro Peskov said that any such move by the West would be tantamount to “theft”, would violate international law and undermine reserve currencies, the world financial system and the world economy.

“This will be a significant blow to the main parameters of the international economy, it will undermine the international economy. This will undermine other countries’ confidence in the United States as well as the EU as economic guarantors. Therefore, such actions are full of very, very serious consequences,” Peskov told reporters.

Asked if there was a specific list of Western assets that Russia could confiscate in response, Peskov said: “Yes. IS”.

He declined to say which assets are on the list.

After President Vladimir Putin sent troops to Ukraine in 2022, the United States and its allies banned transactions with Russia’s Central Bank and Treasury Department, freezing about $300 billion in sovereign Russian assets in the West.

US and UK officials have worked in recent months to speed up efforts to seize frozen Russian assets in Belgium and other European cities, and hope G7 leaders will agree to a tougher statement when they meet in late February, around the second anniversary Moscow’s invasion of Ukraine, three sources told Reuters.

The legality of the seizure of Russian sovereign assets is unclear, and Russia has repeatedly said it will challenge any seizure in court.

Proponents of confiscating Russian assets say that the war in Ukraine is an illegal war and that frozen Russian money should be given to Ukraine either to rebuild or even to fight Russian forces.

However, Russian officials say the West has fought several wars of questionable legality, including the US-led war in Iraq from 2003-2011, and some lawyers question whether the capture is even legal under international law.

No decision has been made, and several countries, including the United States and Britain, will seek legislative changes to create the necessary authorities to carry out such seizures, sources told Reuters.

Russia has reduced its holdings of U.S. Treasuries since 2014, and some observers in the United States have warned that seizing Russian assets could force other major powers, including China, to shun U.S. and European currencies and government bonds.

Although the Russian central bank did not specify which assets were frozen, most of the bonds and deposits are denominated in euros, with some in US dollars and pounds, according to publicly available data detailing holdings as of early 2022.

Some Russian officials have suggested that if Russian assets are seized, the assets of foreign investors locked in so-called special “C” accounts in Russia could suffer the same fate. Some foreign assets were effectively blocked in C accounts.

It’s unclear how much money is in those accounts, but Russian officials have said it’s comparable to $300 billion in frozen Russian reserves.

Finance Minister Anton Siluanov said last week that there are significant funds in the C accounts. The Central Bank of Russia declined to comment.