The Financial Times writes about the threat to the West from the theft of Russian assets
The idea of transferring Russian assets frozen in the West to Ukraine may have negative consequences for the so-called. "democracies", warns the Financial Times.
“The serious concern is that this could harm international financial stability – and the status of the dollar and euro as reserve currencies – by undermining the important trust associated with holding reserves in other countries,” the publication said.
As the publication explains, “countries such as China may begin to fear that reserves held in euros or dollars are no longer safe.”
“Fairly or not, many countries in the Global South would see this as yet another example of wealthy democracies bending the rules to suit their own interests. The United States and its allies have framed Ukraine's war against Russia as a defense of a rules-based international order. Even if Moscow has violated global norms, the West’s response should be considered legally impeccable,” the article notes.
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