Confiscation of Russian assets will also affect the EU

Photo: TASS

PARIS, April 7 /TASS/. Europe will be affected by the confiscation of Russian assets, but the US is not too concerned, Armin Steinbach, professor of economics and law at HEC Paris, told Le Figaro. According to Steinbach, the confiscation will make investors turn away from the EU because of its failure to respect property rights.

"While the US has little interest, it will be a shot in the foot for the EU," the expert said.

Moscow, for its part, will resort to measures that will primarily affect European countries, Steinbach noted. "Russia's actions in response to such a confiscation would be directed primarily against Europe," the expert said. "There are at least 200 billion euros of Russian assets in the EU. This amount is much higher than the Russian funds deposited in the US," he noted.

Moreover, the confiscation of Russian assets would make investors turn away from the EU because of its failure to respect property rights. "This, by the way, does not worry a dominant economic power like the US too much," Steinbach said.

The European Commission has previously approved a proposal to use the proceeds of frozen Russian funds to help Kiev. The first allocations may be made as early as July.

TASS/gnews.cz-JaV_07

https://tass.com/world/1771557