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Confiscation of Russian assets by the US to affect Europe more — expert

The US decision may provoke panic among investors that would start withdrawing their funds from European banks, being concerned of their freeze and further confiscation

BANGKOK, April 22. /TASS/. Consequences of frozen Russian assets’ confiscation by Washington will have a stronger effect for European countries than for the US, Thai political analyst Jiraporn Ruampongpattana told TASS.

The US decision may provoke panic among investors that would start withdrawing their funds from European banks, being concerned of their freeze and further confiscation, she noted. "There are about $5 bln of frozen Russian assets in the US. Their confiscation will cause a ripple effect, which will be felt in Brussels and other European capitals to a greater extent than in the United States. The fear prevails among European partners of the US that such decision can lead to a start of funds’ withdrawal from Europe by Global South countries, which will lead to euro devaluation and weaken the European economy," the analyst said.

No lawful way of confiscating Russian assets exists either in the US or in Europe, Ruampongpattana stressed. "Although legal systems in the US and European nations have different structure, the private property right should not be violated whatever occurs, because private property can only be confiscated by court judgment," she added.

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In all, there are 32 items

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