The move sparks concerns whether Western currencies will start to lose value in the near future.
A man stands in front of a board showing currency exchange rates of the Euro and the US dollar against the Russian rouble in Moscow / Photo: Reuters
Since then, experts have called into question the control central banks have over their international reserves and debated whether governments canAs Europe and the US lean closer towards using frozen Russian assets to rebuild Ukraine’s economy, there is growing concern on how the move may potentially impact the stability of the euro and dollar.
“Western steps to block Russian central bank and oligarch assets have surely caught the attention of Chinese and Middle Eastern officials and funds,” Sobel wrote in anpart of OMFIF’s 2023 Global Public Investor report, adding that “It will make them reflect, instil caution and could diminish willingness to hold dollars and euros.
If signed into law, the act would allow Washington to seize central bank assets from a country with which it is not at war, and in this case, hand them over to Ukraine for rebuilding process. "It's important for the G7 to work together. We need to find a way that is legal, both domestically in all of our countries and also in accordance with international law," YellenEuropean officials think seizing Russian assets and handing them over to Kiev would ease the pressure on the West to finance Ukraine's war effort, but at the same time dismiss the notion as too legally risky.
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