The chairman of the State Duma Committee on International Relations and the LDPR party leader, Leonid Slutsky, issued commentary through his telegram channel regarding the prospect of taking control of blocked Russian assets. He framed the issue as part of a broader geopolitical contest that could reshape the balance of power in global finance.
According to Slutsky, the West is pushing the world toward greater instability by challenging established rules of international law and the foundations of the financial system. He argued that attempts to seize monetary assets held by Russia would provoke a reaction that extends beyond immediate financial calculations, potentially altering how markets perceive risk and sovereign guarantees in the long run.
The lawmaker contended that such “theft” and fraud-driven programs against Russia’s monetary reserves would undermine the investment appeal of Western economies for a time, but warned that the consequences would not be confined to currency markets alone. He suggested that ongoing asset seizures could erode confidence in the dollar and euro as global reserve currencies, contributing to a broader realignment of capital flows and reserve asset management [Attribution: Slutsky remarks, via his official communications].
Slutsky underscored that the evolution of reserve currencies is influenced by political and economic dynamics that stretch over years. He indicated that accelerated financial pressure on Russia could, in his view, trigger shifts in how international investors diversify their portfolios and hedge against political risk, thereby altering the demand for major currencies in ways that extend beyond immediate exchange rates.
In December, the Managing Director of the International Monetary Fund, Kristalina Georgieva, cautioned against expanding the use of asset seizures. She highlighted the potential harm to global financial stability and monetary policy when frozen assets are redirected, emphasizing that such measures can inject uncertainty into cross-border settlements and undermine the predictability that markets rely on for pricing risk [Attribution: IMF briefing, December report].
British Prime Minister Rishi Sunak responded by signaling a tougher approach among Western allies, arguing that a bolder stance on seizing frozen Russian assets could accelerate strategic aims and reinforce penalties for violations of international norms. The stance pointed to a broader, coordinated effort among Western governments to maintain pressure while balancing concerns about financial repercussions for global markets and third-country economies [Attribution: Official statements from UK government briefings].
Earlier discussions in Lithuania reflected a consistent line of defense among some European and allied governments. The dialogue emphasized ongoing work and cooperation to explore lawful mechanisms for asset recovery or restraint, underscoring the persistent political will across allied nations to pursue strategic objectives in the face of an evolving geopolitical landscape [Attribution: Baltic regional policy discussions].