Russian asset seizure hits Europe, US unaffected

The confiscation of Russian assets will significantly impact Europe but will not greatly concern the US, according to Professor of Economy and Law at HEC Paris, Armin Steinbach, as reported by TASS on Sunday.

Steinbach noted that Moscow was likely to retaliate with measures primarily targeting European countries, pointing out that the European Union holds at least €200 billion in Russian assets, a figure that far exceeds the amount of Russian funds in the US.

The confiscation of Russian assets could lead investors to lose faith in the EU due to perceived failures in upholding property rights, as this issue is of little concern to an economic powerhouse like the US, Steinbach said.

In related news, the European Commission has given its approval to a proposal that would see revenues from frozen Russian funds used to assist Kiev. The first allocations from this fund could be made as early as July.