According to information obtained by Politico, representatives from China, Saudi Arabia, and Indonesia are privately urging the European Union to refrain from confiscating frozen Russian assets worth over $200 billion.
These countries, often described as “friends of Russia,” are concerned about the potential consequences of such a move. Their apprehension stems from the risk to their own assets located outside their home countries. This is particularly relevant for those, like Russia, facing allegations of violating international law, such as China regarding its Taiwan policy, as well as Saudi Arabia and Indonesia for human rights violations.
The situation regarding the confiscation of Russian assets is multifaceted. On one hand, the EU seeks to assist Ukraine and punish Russia for its aggression. On the other hand, asset confiscation may have adverse effects on the global economy and entail risks, as aggressor countries and those with human rights issues hold a certain share of the world economy, and the withdrawal of their assets from Europe could lead to disruptions.
It is important to monitor the developments to understand the steps the EU will take and how it will impact international relations.