Freezing Russian sovereign assets takes wrong turn
(MENAFN) The decision by Western countries to freeze Russian sovereign assets has eroded confidence in global financial institutions, according to Maksim Oreshkin, deputy head of President Vladimir Putin’s administration.
Since the Ukraine conflict began in February 2022, the US and European Union have frozen over $300 billion in Russian government assets. In May, the EU approved plans to use profits from these frozen funds to support Ukraine, while some member states have called for their complete confiscation.
Speaking in an interview broadcast-1, Oreshkin claimed that these actions have had the opposite effect than intended. “This whole situation is a major blow to the Western financial system and Western countries,” he said. “This isn’t something that might happen - it already has. The damage is done.”
President Putin reinforced this view during a recent trip to Belarus, warning that the seizure of Russian assets would cause other nations to turn away from Western financial institutions. “This shift will undoubtedly be irreversible,” he stated. “Overall, it would benefit the global economy. Perhaps it’s even worth the cost.”
Moscow has repeatedly cautioned that confiscating its funds would breach international law. Legal and political challenges, especially regarding sovereign immunity and property rights, have so far prevented the EU from approving full confiscation of Russian assets.
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