Washington Pushes G7 Countries To Confiscate $300 Billion In Russian Assets

Just in time for the G7 summit scheduled for February 24, 2024 (the date is not a coincidence), Washington made the suggestion to move forward with the plan to confiscate $300 billion in Russian “frozen” sovereign assets, held in Western banks. These assets include cash and government bonds denominated in euro, dollar and other currencies.

In the beginning of December, G7 foreign ministers began developing policies that would allow them to minimize risks associated with confiscating Russia’s assets and subsequently re-routing all or a portion of the funds to Ukraine.

While the United States shows a considerable amount of initiative, the EU is not entirely on board yet - Germany, Italy and France appear to have concerns regarding the “legality” of the move.

Without a doubt, confiscating assets of a foreign country will have many legal, financial and economic implications. The move will accelerate de-dollarization and the development of alternative financial systems to mitigate multiple escalating geopolitical risks. Western banks will no longer be viewed as safe, as the confiscation will set a precedent of selective application of international law. Further, confiscating “frozen” assets will motivate foreign countries to seek new alliances and partnerships, with BRICS likely benefiting the most.

Prof. Ingrid Brunk at Vanderbilt University School of Law, commented:

“Many countries have been damaged by many things that violated international law with no suggestion that we seize foreign currency reserves. These are the most sacrosanct kinds of assets in the global financial system”

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