Russia has issued a stark warning to the European Union, threatening "decades of legal action" if the EU proceeds with plans to utilize proceeds from its frozen assets to support Ukraine.

The EU is set to discuss a proposal at the upcoming summit on March 21 and 22, which entails seizing revenues from Russian assets to finance the purchase of weapons for Kyiv. However, Kremlin spokesman Dmitry Peskov has cautioned the EU against such actions, emphasizing the potential economic and reputational damage it could inflict.

"Europeans must be aware of the damage that such decisions can do to their economy, their image and their reputation as reliable guarantors of the inviolability of property," Peskov warned, hinting at protracted legal battles should the EU pursue this course of action.

Highlighting the severity of Russia's stance, Peskov asserted that individuals and states involved in making such decisions would be subject to legal proceedings for many decades to come. This stern warning underscores the gravity of the situation and the Kremlin's determination to protect its interests.

Russian diplomacy spokeswoman Maria Zakharova condemned the EU's initiative as "banditry" and "theft," denouncing it as a gross violation of international norms. She vowed a robust response from Moscow, indicating further escalation in the ongoing dispute.

Meanwhile, the head of European diplomacy, Josep Borrell, disclosed that Russian assets frozen in the EU amount to a staggering 200 billion euros. Utilizing these funds would potentially free up "3 billion euros a year" to finance arms purchases for Ukraine, a move likely to exacerbate tensions between the EU and Russia.