MOSCOW - Russia will retaliate if its frozen assets are confiscated, Kremlin spokesman Dmitry Peskov said Monday.

The US House of Representatives on Saturday approved a series of foreign aid bills, including measures to confiscate frozen Russian assets to fund Ukraine.

If such measures are implemented, many countries and investors will think 10 times before investing in the American economy or storing their assets there.

Dmitry Peskov, Kremlin spokesman

"This is an encroachment on state property," Peskov said. He added that it is "illegal" and would be subject to "some kind of retaliatory action" or litigation.

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"If such measures are implemented, many countries and investors will think 10 times before investing in the American economy or storing their assets there," he said, noting the move would eventually harm US economic interests.