🎥 LIVE: at 11:00 Moscow Time (GMT+3), we are starting a discussion on the confiscation of Russian assets abroad.

https://vk.com/video-214192832_456239197

#Multipolarity_and_Connectivity #sanctions #RussianAssets

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🗣 On June 27, 2024, the Valdai Discussion Club held a discussion on the confiscation of Russian assets abroad.

📷 Photo gallery

🎥 Video

#Multipolarity_and_Connectivity #sanctions #RussianAssets

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💸 In April 2024, the United States approved H. R. 8038, the 21st Century Peace through Strength Act, which provides for the possibility of confiscating Russia’s sovereign assets. It represents a serious precedent that entails a number of questions.

❓What does the decision mean for the global economy and the current financial system?
❓What are the prospects for replicating such solutions within the collective West?
❓How symmetrical is the Russian response, embodied in Presidential Decree No. 442, establishing a special procedure for compensation for damage caused to Russia by the United States?

The adopted decision contradicts not only the norms of international law, which is designed to guarantee the immunity of the sovereign property of states (and the official reserves of the country and the property of the Central Bank are precisely that), but also America’s own laws, particularly the US Foreign Immunity Act of 1976.

Legalising the possibility of confiscation of Russia’s sovereign assets, as well as denying Russian owners of frozen assets the right to apply to American courts for legal protection, will further exacerbate the crisis of confidence in Western jurisdictions, reserve currencies and the global financial system in its current configuration.

As practice shows, the implementation of legislatively formalised decisions on the confiscation of sovereign assets can be difficult due to the lack of procedural issues, Ekaterina Arapova writes.

Despite the intensification of confiscation rhetoric, the Western authorities cannot fail to understand that the cascading of such practices from the United States both causes serious damage to the reputation of a reliable financial hub of their jurisdictions, and provokes retaliatory measures from Russia.

https://valdaiclub.com/a/highlights/confiscation-of-russian-assets/

#Multipolarity_and_Connectivity #sanctions #RussianAssets

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📆 ANNOUNCEMENT: On August 16 at 11:00 Moscow Time (GMT+3), the Valdai Club will host a discussion on the topic “Sanctions Against Russia – From Here to Eternity?”

Over the past 500 years in history, there have been many cases of various economic restrictions against Russia. Another such period began in 2012, when the US Congress passed the “Magnitsky Act”. After Crimea’s reunification with Russia and the beginning of the Ukrainian crisis, there has been a significant escalation of anti-Russian sanctions by the US, EU and other countries of the “collective West”. Since February 2022, they have been using almost all known instruments of unilateral restrictive measures against Russia.

Despite economic pressure, the Russian economy and financial system have maintained stability. The sanctions were unable to influence Moscow’s political course. At the same time, many economic ties between Russia and Western countries were severed or distorted under the influence of sanctions. Both Russian and foreign businesses suffered damage.

Historical experience and current developments suggest that restrictive measures against Russia may remain on the agenda for decades. The Ukrainian crisis is still far from being resolved. However, the resolution of political conflicts in itself does not lead to a sustainable lifting or easing of sanctions.

❓How long will the sanctions war last? 
❓What are the prospects for increasing pressure on Russia and its partners? 
❓What coercive measures and secondary sanctions could there be in the future? 
❓How can they be resisted in today’s conditions? 

The discussion participants will address these and other questions.  

🎙️ Speakers: 

🇷🇺 Dmitry Birichevsky, Director of the Department of Economic Cooperation of the Russian Foreign Ministry @MFARussia

🇷🇺 Anastasia Likhacheva, Dean of the Faculty of World Politics and Economics, HSE

🇳🇴 Glenn Diesen, Professor, University of South-Eastern Norway

🇷🇺 Sergey Glandin, Partner at the BGP Litigation, Attorney  

Moderator:

🗣 Ivan Timofeev, Programme Director of the Valdai Discussion Club

https://valdaiclub.com/events/announcements/valdai-club-to-discuss-sanctions-against-russia/

Working languages: Russian, English.

ℹ️ Information for the media: In order to get accredited for the event, please fill out the form on our web site. If you have any questions about the event, please call +79269307763

Links to the live broadcast of the discussion will be posted on all online platforms of the Valdai Club: on the website, X (formerly Twitter), VK, Telegram and Dzen.

#Multipolarity_and_Connectivity #sanctions

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♟️ One of the key challenges facing the initiators of economic sanctions is in creating a coalition of countries willing to implement the restrictive measures.

A common thesis in the research literature is that the presence of such a coalition enhances the effectiveness of sanctions pressure — the more countries support sanctions, the more difficult it is to circumvent them.

The emergence of “black knights”, that is, states that deliberately torpedo sanctions regimes, however, can significantly devalue the imposed sanctions.

A big problem for the initiators of sanctions has been third countries that maintain distance from the confrontation with Russia. Thus, while British experts state that sanctions complicate the functioning of the Russian military-industrial complex and the economy as a whole, they maintain that they do not interfere with the resolution of political problems, including the conflict in Ukraine; the circumvention of sanctions through third countries is one of the reasons.

Numerous tactics to circumvent sanctions in the form of supplies through third countries are still hardly the most serious problem for the West.

A much more serious challenge is Moscow’s consistent policy of building transaction mechanisms independent of the Western financial infrastructure, writes Valdai Club Programme Director Ivan Timofeev.

https://valdaiclub.com/a/highlights/without-black-knights-do-third-countries/

#Multipolarity_and_Connectivity #sanctions

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📆 TOMORROW, August 16, at 11:00 Moscow Time (GMT+3), the Valdai Club will host a discussion on the topic “Sanctions Against Russia – From Here to Eternity?”

❓How long will the sanctions war last? 
❓What are the prospects for increasing pressure on Russia and its partners? 
❓What coercive measures and secondary sanctions could there be in the future? 
❓How can they be resisted in today’s conditions? 

The discussion participants will address these and other questions.

Links to the live broadcast of the discussion will be posted on all online platforms of the Valdai Club: on the website, X (formerly Twitter), VK, Telegram and Dzen.

#Multipolarity_and_Connectivity #sanctions

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