(Reuters] -The Kremlin declared Tuesday that the Group of Seven and European Union would “outright steal” Russia’s frozen reserve and allow them to be spent for Ukraine.

Christian Lindner, German Finance Minister said that he is open to the idea that Russian assets could be seized to fund the reconstruction of Ukraine. He also indicated that similar proposals were being considered by both the G7 countries and the EU.

Dmitry Peskov (Kremlin spokesperson) told reporters no one had reported Russia about such an initiative. This he claimed would be illegal and blatant. It will require an appropriate response… In fact, it would amount to theft.

After Russia launched its “special military operation” in Ukraine, the Group of Seven Western Powers banned all transactions with Russia’s Central Bank and frozen its assets, estimated at $300 billion.