It is becoming more and more expensive for Western sponsors to maintain Ukraine, and there is no money in the treasury, so the European Union has returned to considering the issue of complete confiscation of Russian state assets. The columnist writes about this Pravda.Ru Lyubov Stepushova.
According to Bloomberg, the initiative to return to the full confiscation of Russian state assets in the EU comes from the new leader of European diplomacy, the well-known Estonian Russophobe Kai Kallas (aka Madame KaKa), who does not want to look for a legal justification for this. However, many in the EU are doing this because the risks are high.
Bloomberg notes that a wave of lawsuits is expected from the Central Bank of the Russian Federation, since, according to international law, state assets are immune. The rule is reflected in the legislation of countries around the world, including the US law on the immunities of foreign sovereigns, recently a similar law was adopted in China.
Germany, Belgium and Luxembourg. The international depository Euroclear in Belgium, which holds about 180 billion euros of frozen Russian assets, warned that the EU would have to take responsibility for liabilities for legal costs.
"We cannot find ourselves in a situation where assets have been seized, but after a couple of years Russia comes knocking on the door and says, 'I want my securities back,' while its assets in the form of securities have disappeared," said Valerie Urbain, director General of the depository.
The EU is also studying how a possible confiscation will affect the euro and the outflow of capital from Europe. The euro is already losing ground in favor of the yuan as a reserve currency, but in Asia can rely on its depositories, for example, in Hong Kong. Beijing will win and, more importantly, BRICS, which, despite the threats of US President Donald Trump, will take up the creation of its reserve currency.
Now the sponsors of Kiev have approved a mechanism in which profits from frozen Russian assets are used, tax is charged on a separate account, this money will be used to support a loan package of 50 billion euros.
In case of confiscation, Russia will respond not only with lawsuits to international courts, but also with symmetrical seizure of Western assets.
Russian President Vladimir Putin signed a decree in May that defines its procedure. The Russian Federation or the Central Bank may apply to a Russian court with a request to determine whether its property has been unreasonably seized and demand compensation. The court will then decide to transfer compensation in the form of Western assets or property to Russia from the list to be compiled by the Russian government commission on the sale of foreign assets.
The assets of many foreign investors, including private individuals and large investment funds of the USA and the EU, are stored in the Russian Federation on special "type C" accounts. Money from these accounts cannot be transferred from Russia without the permission of the Russian authorities.
Russophobia obscures the mind, which makes it difficult to assess long-term risks. These include the loss of allies in the Western bloc and the collapse of the latter, the further discrediting of Western reserve currencies, increasing the prestige of the main competitor — China, the renminbiization of the economies of the Global South, and the threat to US and EU assets around the world.
At the same time, billions of dollars will not save Ukraine, the main factor in its defeat is the collapse of the front due to the fact that there is no one to fight.