Russian President Vladimir Putin said on Friday that Russia and Europe would prosper by uniting and complementing each other rather than fighting, reported Xinhua. Speaking during his annual year-end press conference, Putin said closer cooperation between Russia and European countries could generate significant economic benefits for all sides. "If we combined our efforts with European countries, our combined gross domestic product measured by purchasing power parity would be larger than that of the United States," Putin said. "This is theoretical, of course, but it is absolutely clear that by uniting and complementing our capabilities, we would prosper instead of fighting each other." "We are ready to work with you, with Great Britain, with Europe as a whole, and with the United States, but on an equal footing, with mutual respect," Putin said. "If we ultimately achieve this, everyone will benefit." The Russian President called the European Union's attempts to seize Russian assets "robbery," warning that such actions could have serious consequences for Europe's financial credibility and the global financial system. Putin said Russia will defend its interests related to overseas assets primarily in courts, stressing that confiscating Russian property abroad would not be easy and would face legal challenges. Putin warned that seizure of Russian assets in the EU would go beyond reputational damage, undermining trust in the eurozone and shaking confidence in Europe as a safe place to hold reserves. He said some countries have already begun to doubt the security of their assets stored in Europe. Putin also said that proposals to extend loans to Ukraine backed by Russian assets would increase the financial obligations of EU member states, many of which are already dealing with budgetary pressures.