You know it has to be a monumentally dumb idea when even Bloomberg says that seizing Russia’s Central Bank funds is illegal and unwise (www.bloomberg.com)

submitted 10 months ago by yogthos@lemmygrad.ml to c/us_news@lemmygrad.ml

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Basically what it comes down to is that this move will completely destroy trust in western financial system. If the west starts seizing foreign assets without any legal basis, then keeping money in western banks starts being a huge risk.

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[-] GrainEater@lemmygrad.ml 15 points 9 months ago

I'd assume they severely damaged their credibility by "freezing" (definitely not theft) Russia's $300 billion at the end of February 2022; might as well destroy it completely 🫡

[-] yogthos@lemmygrad.ml 14 points 9 months ago

That's very true, the whole freezing business would've been ringing alarm bells for anybody who has significant assets in the western system already.

this post was submitted on 27 Dec 2023

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