US Seeks Confiscation of $300 Billion in Frozen Russian Assets
The US, along with the UK, Japan, and Canada, is urging G7 nations to seize $300 billion worth of Russian assets that were frozen in response to Russia’s invasion of Ukraine. Their proposal is expected to be ready by February, coinciding with the two-year anniversary of the conflict. However, Germany, France, Italy, and the EU have expressed reservations about confiscating sovereign Russian assets. It seems that the US is specifically targeting frozen assets owned by Russia’s central bank rather than those owned by Russia’s elite. The US wants its allies to form three working groups to analyze the mechanics, legal issues, and potential use of the assets to assist Ukraine.
Russia Claims Seizure Violates Free Market Principles
Russia argues that the confiscation of its assets would violate free market principles. A senior Russian official stated that protecting private property is a fundamental principle that has sustained them for centuries. Meanwhile, Russian leaders are discussing the development of a new currency backed by gold through the BRICS economic alliance. Former Russian minister Sergey Glazyev revealed that technically, the currency is almost complete but still requires support from member nations. Some BRICS countries have already expressed their support for introducing a new currency, and they await China and India’s reactions.
Hot Take: US Pushes for Confiscation of Frozen Russian Assets Amidst BRICS Currency Talks
The US is spearheading efforts to confiscate $300 billion in Russian assets that were frozen due to Russia’s invasion of Ukraine. While the US seeks support from G7 nations, Germany, France, Italy, and the EU have reservations about taking sovereign Russian assets. The US targets frozen assets owned by Russia’s central bank and proposes creating working groups to explore the mechanics, legal implications, and potential assistance for Ukraine. Russia argues that asset seizure violates free market principles. Simultaneously, Russian leaders discuss the development of a new currency backed by gold within the BRICS alliance, awaiting support from member nations.
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