Can the West still force Russia away from Ukraine? Moscow warns 'illegal' EU sanctions would backfire.

The Kremlin on Sunday warned the European Union (EU) that ramping up "illegal" sanctions on Russia would backfire on its own economies.

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This comes amid Russian President Vladimir Putin's comments on Thursday that Moscow was "ready" to part with roughly $300 billion in frozen assets (mostly held in the EU) if it meant speeding up the shift away from Western-dominated financial systems.

ALSO READ | Vladimir Putin 'ready' to part with frozen $300 billion assets to undermine Western financial power The suspension of the assets are a part of the EU's punitive sanctions intended to stop Russia's aggression on Ukraine, making Moscow one of the most sanctioned economies in the world, as per a Reuters report.

"The more serious the package of sanctions, which, I repeat, we consider illegal, the more serious will be the recoil from a gun to the shoulder. This is a double-edged sword," Kremlin spokesperson Dmitry Peskov told state television, the report added.

In one of its biggest offensives since the beginning of the conflict, Moscow on Sunday fired a total of 537 aerial weapons at Ukraine, including 477 drones and decoys and 60 missiles.