G20 associates warn EU over seizing Russian assets

(MENAFN) According to a report from the Financial Times, at a recent gathering of G20 finance ministers, representatives from Indonesia and Saudi Arabia voiced apprehensions to the European Union regarding the potential seizure of Russian assets. The FT's report highlights concerns raised by these nations over the broader implications such actions could have on international law.

The United States and its allies have collectively frozen approximately USD300 billion in Russian central bank assets as part of sanctions imposed on Moscow amid the Ukraine conflict. While Washington has argued that international law permits the appropriation of these funds, reluctance among some European Union members, notably Germany and France, has been noted.

During the G20 finance ministers' meeting in Brazil, European Union officials reportedly conveyed concerns expressed by Saudi Arabia's Minister of Finance Mohammed al-Jadaan and his Indonesian counterpart Sri Mulyani Indrawati regarding the seizure of Russian assets. Both nations are purportedly apprehensive about the potential ramifications for their own reserves held in Western institutions.

The article underscores the broader unease among some G20 members about the legal precedent that seizing Russian funds could establish. Opponents argue that such actions may set a concerning precedent in international law, raising questions about the safety of reserves held in Western institutions beyond the immediate context of the Russia-Ukraine conflict.

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