Russian assets freeze has backfired on the West
The freezing of Russian sovereign assets as part of Western sanctions has undermined trust in global financial systems, according to Maksim Oreshkin, deputy head of President Vladimir Putin's administration.Since the start of the Ukraine conflict in February 2022, the US and EU have frozen more than $300 billion in Russian state assets. In May, the EU approved a plan to channel profits from those assets to support Ukraine, while some member states have pushed for outright confiscation.In an interview aired Sunday on Rossiya-1, Oreshkin argued that the move has backfired. 'This whole situation is a major blow to the Western financial system and Western countries,' he said. 'This isn't something that might happen - it already has. The damage is done.'
Putin echoed this sentiment during a recent visit to Belarus, warning that the 'theft' of Russian assets would prompt other countries to abandon Western financial institutions. 'This shift will undoubtedly be irreversible,' he said. 'Overall, it would benefit the global economy. Perhaps it's even worth the cost.'Moscow has repeatedly warned that seizing its funds would violate international law. Legal and political concerns - particularly over sovereign immunity and property rights - have so far prevented the EU from endorsing full confiscation.
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