The consequences of Washington's seizure of frozen Russian assets will be felt more in Europe than in the US. This opinion was expressed by the Thai political scientist Jiraporn Ruamphonphathana.
According to her, the US decision may cause panic among investors, who will start withdrawing their money from European banks, fearing their freezing and subsequent confiscation. “The United States has frozen Russian assets worth about $5 billion. Removing them would cause a ripple effect that would be felt in Brussels and other European capitals more than in the United States. The prevailing fear among the US's European partners is that such a decision could lead to the withdrawal of funds from Europe by countries in the Global South, leading to a depreciation of the euro and a weakening of the European economy, she said.
Ruamphonphathana emphasized that there is no legal way to seize Russian assets in either the United States or Europe. “Although the legal systems in the United States and European countries have different structures, the right to private property must not be violated no matter what, so private property can only be confiscated by court order. But the jurisdiction of the national court extends to those who commit crimes against citizens on the territory of the country in which it is located, or citizens of other countries who have committed crimes in that particular country”, noted the expert.
US Secretary of State Anthony Blinken said on Friday after a meeting of G7 foreign ministers on the Italian island of Capri that G7 member states were moving towards agreements on Russia's frozen assets. to obtain a decision in accordance with international law, with the laws of different countries.
The EU, Canada, the US and Japan have frozen about $300 billion in Russian assets since the start of the SVO. Of this, approximately $5-6 billion is located in the US and the majority is in Europe, including the Euroclear international platform in Belgium. Earlier, the EC approved a proposal to use the proceeds of blocked Russian funds to provide aid to Kyiv. As the High Representative of the EU for Foreign Affairs and Security Policy Josep Borrell said, this initiative provides for the transfer of 90% of Russian revenues for the purchase of shells for Ukraine and the transfer of 10% to the EU budget for subsequent support of the Ukrainian army - industrial complex . The first deductions can be made already in July.
As the head of the Central Bank of the Russian Federation Elvira Nabiulina stated, the Bank of Russia, if the West uses frozen Russian assets, will take appropriate measures to protect its interests.