PARIS: Europe will be affected by the confiscation of Russian assets but it does not concern the US much, Professor of Economy and Law of HE...
PARIS: Europe will be affected by the confiscation of Russian assets but it does not concern the US much, Professor of Economy and Law of HEC Paris Armin Steinbach told Le Figaro newspaper.
"While the US has little interest at stake, then it will be the shot in the foot for the European Union," the expert said.
Moscow would resort in its turn to such measures that would cover the European countries in the first instance, Steinbach noted. "Russia’s steps in response to such confiscation would be mainly directed against Europe," the expert said. "At least 200 bln euro of Russian assets are in the EU. This sum is much higher than Russian funds kept in the US," he noted.
Furthermore, the confiscation of Russian assets would prompt investors to turn away from the EU because of its failure to observe property rights. "This, by the way, is not much of concern for such dominating economic power as the US," Steinbach said.
The European Commission approved earlier the proposal to use revenues from frozen Russian funds to help Kiev. First allocations can be made as early as in July.
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