In case of confiscation of Russian assets, the West may face a situation when other states will want to protect themselves from such actions. This opinion was expressed by columnist Martin Sandbu in an article for the Financial Times.
“Most important was the fear that Russia’s asset confiscation would force other non-Western countries to withdraw their own reserves from the West in case the same sanctions were one day applied to them,” Martin Sandbu writes.
According to the columnist, other states, fearing similar measures against themselves, may stop accumulating large reserves in the jurisdictions of Western countries.
The author believes that this could destabilise the global financial system. And in addition, he recalled the legal obstacles.
“The European Central Bank issued a strong warning to European politicians even against taxing EU companies that receive super profits from blocked Russian assets”, – explained Sandbu.
Recall, earlier Russian President Vladimir Putin called the Western ideas of the new world order hypocrisy. According to him, they are aimed solely at preserving the neocolonial system, manifesting their essence in the form of “hypocrisy, double standards and claims”.