Russian Deputy Foreign Minister Alexander Grushko sharply criticised the European Union, claiming it is facing a severe financial crisis and resorting to “outright theft” by seizing Russian assets.

Russia’s financial system is coming under intensifying pressure, with business leaders warning that mounting debts and stubbornly high borrowing costs are creating a dangerous squeeze on companies.

In a stark escalation of rhetoric, Russian President Vladimir Putin has issued a blunt warning to European governments: if ...