Confiscation of Russian Assets Will Destroy the Economic World Order
The potential confiscation of Russian assets abroad could lead to the collapse of the international system of political economy, the Financial Times reported on Tuesday, citing analysts.
An outright seizure of Moscow’s wealth would be seen as crossing a political Rubicon, according to Simon Hinrichsen, visiting scholar at the London School of Economics, quoted by the media.
“It would essentially be an action that abolishes the international system of political economy that we have put in place over the past few years. [recent] decades,” said the economist.
Earlier in the day, German Finance Minister Christian Lindner told the business daily Handelsblatt that he was open to the idea of seizing Russian state assets to fund Ukraine’s reconstruction. Linder also called for evaluating the legal possibilities of seizing the foreign assets of the Russian Central Bank.
While the idea of seizing the assets was “attractive,” it was also “useless and reckless”, Nicolas Veron and Joshua Kirschenbaum said in a blog post published Monday by the Bruegel think tank.
“Credibly advocating for a rules-based order is worth more than the billions that would be made by appropriating Russia’s money,” the authors said.
“Countries place their reserves in other countries hoping that they will not be expropriated in situations other than war with each other.”
Last month, US President Joe Biden asked Congress to grant him the power to seize the assets of wealthy individuals suspected of having ties to the Kremlin and use them to help Ukraine.
Earlier this week, Ukrainian authorities passed legislation allowing the confiscation of assets of those who support Russia. The new law expands the scope of previous rules that allowed Kyiv to seize assets belonging to Russian citizens, people with close ties to Russia and companies that operate in Ukraine and of which Russia is the beneficiary. Source RT.com
This is among many reasons the Russians will have for taking out the nations of the West. Time is short, prayed up and prepped up!
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