Confiscation of frozen Russian assets by Western countries could change the global financial market in favour of China, says Responsible Statecraft.
“Beijing is likely to reap diplomatic dividends from the fact that the West’s financial war has gone too far,” the author of the publication said.
It is stressed that the “militarisation” of the dollar will raise fears in the world community about the reliability of the currency. This may be used by China, which has long advocated dedollarisation.
Earlier, Politico reported that the EU intends to withhold €5bn of income from frozen Russian assets.