Vladimir Putin has denounced the freezing of Russian assets by the West as “theft” and vowed that it would not go “unpunished” in a speech at the Russian Foreign Ministry on Friday 14 June. Mr Putin’s remarks came on the heels of a deal by G7 nations for a $50 billion loan package for Ukraine using frozen Russian assets. The Russian president also accused Western countries of “destroying the system that they created and which for many decades ensured their prosperity and allowed them to consume more than they earn through debts”. “Despite all the scheming, theft will remain theft, and it will not go unpunished,” he said.