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IMF: Confiscating Russian assets would undermine global monetary system

The G7 members keep some 300 billion euros in Russian assets blocked.

The West must ensure that its plans to use frozen Russian assets and allocate them to Ukraine do not threaten the global monetary system, said International Monetary Fund (IMF) spokeswoman Julie Kozack.

"What is important for the IMF is that any action taken has a sufficient legal basis and does not harm the functioning of the international monetary system," the official told the press.

Following the start of Russia's special military operation in Ukraine on February 24, 2022, the EU and members of the Group of Seven (G7), made up of Germany, Canada, the United States, France, Italy, Japan and the United Kingdom United, they blocked almost half of Russian assets abroad, which amounted to about 300.000 billion euros.

On March 20, the head of European diplomacy, Josep Borrell, presented to the EU Council a proposal to use the benefits of blocked Russian assets to guarantee military aid to Ukraine.

For his part, Russian President Vladimir Putin described Western threats as “unseemly business” and warned that “stealing other people's property has never brought anyone anything good.”

Kremlin spokesman Dmitri Peskov stated that the proposal to use Russian assets to finance Kiev leads to the destruction of the legal foundations of European and international law. For her part, the spokesperson for the Russian Foreign Ministry, María Zajárova, described the blocking of Russian assets as theft.

sourceAgencies

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