IMF issues warning about confiscating frozen Russian assets
RTFeb 27
Russia Ready to Retaliate Against Seizure of Assets
Image copyright: Contributor/Getty Images News via Getty Images
The Facts
After the US House passed legislation aimed at seizing almost $300B in Russian assets, the Speaker of Russia's upper house of Parliament, Valentina Matviyenko, said her government is ready to take "retaliatory measures" should Washington try to do so.
Speaker of the lower chamber, Vyacheslav Volodin, added that of the $280B in assets throughout the West, only $5-6B are in the US compared to roughly $224B in the EU. Russian officials also said that other foreign investors' assets could end up caught up in the dragnet.
The Spin
Pro-Russia narrative
The US has already bankrupted Europe's defense industry by dragging it into this war, but confiscating sanctions will destroy the economy more broadly. Not only is this idea pure thievery, but it would also damage European business competitiveness. Some countries have already raised this alarm, but it's incumbent upon the whole bloc to reject this flawed proposal.
Anti-Russia narrative
Governments across the globe are trying to fund not only Ukraine's defense but also compensation for the victims of Russia's invasion. Lawyers have pointed out that due to these internationally recognized compensatory provisions, confiscation is actually legal. Those who fund illegal invasions automatically waive their property rights, and their money will be used to rebuild rather than destroy.