The US is reportedly pushing G7 nations to confiscate $300 billion in Russian assets that were frozen in response to the country’s invasion of Ukraine.
America, backed by the UK, Japan and Canada, want to have a proposal on how to take the assets ready in February at the two-year anniversary of the conflict in Eastern Europe, The Financial Times reports.
However, Germany, France, Italy and the EU have reportedly “expressed some reservations” are not yet on board with essentially taking sovereign Russian assets.
Although it has not been confirmed, the US appears to be targeting the confiscation of frozen assets that are owned by Russia’s central bank and not frozen assets owned by members of Russia’s elite.
The US wants its allies to create three working groups that analyze the mechanics of actually taking the assets, potential legal issues and how the assets could be used to help Ukraine.
Russia has said the seizure of its assets would violate free market principles, and a senior Russian official who requested anonymity just gave a statement to Reuters on the issue.
“Let’s see what they decide. The protection of private property is a sacred cow that has been feeding them for many centuries.”
America’s push for confiscation comes as Russian leaders boast about a potential new currency from the economic alliance known as BRICS.
In a recent interview with TV BRICS, former Russian minister Sergey Glazyev says that the currency, which is said to be at least partially backed by gold, is almost complete from a technical standpoint, but still needs support from member nations.
According to Glazyev, a few member nations are throwing their weight behind the currency.
“We need only political will because technically this currency is almost ready. The software and mathematical tools have been created.
In order to launch this currency, we need the political consent of the BRICS countries, three of which have already expressed their support for the idea of introducing a new currency through their heads of state. We are waiting for the reaction of China and India.”
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