🎥 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

🗣🗣🗣

🗣 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

🗣🗣🗣

💸 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

🗣🗣🗣

📆 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

🗣🗣🗣

♟️ 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

🗣🗣🗣

📆 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

🗣🗣🗣

🎥 LIVE: at 11:00 Moscow Time (GMT+3), we are starting a discussion on the topic “Sanctions Against Russia – From Here to Eternity?”

https://vk.com/video-214192832_456239203

#Multipolarity_and_Connectivity #sanctions

🗣🗣🗣

🗣 On August 16, 2024, the Valdai Club hosted a discussion on the topic “Sanctions Against Russia – From Here to Eternity?”

📷 Photo gallery

🎥 Video

#Multipolarity_and_Connectivity #sanctions

🗣🗣🗣

🇷🇺 History for Decades: The Present and Future of Sanctions Against Russia

On August 16, the Valdai Club hosted an expert discussion, “Sanctions against Russia – from here to eternity?” Moderator Ivan Timofeev noted that despite the legal possibility of lifting unilateral restrictive measures, the reasons for their introduction against Russia remain and are getting worse. Accordingly, he added, Russia will probably live under sanctions for decades.

💬 Dmitry Birichevsky, Director of the Department of Economic Cooperation of the Russian Foreign Ministry, emphasised that the West, in its geopolitical confrontation with Russia, is trying to use interdependence in global relations as a weapon, and these illegal measures generate destructive consequences for all parties and limit the rights of states to sovereign independent development. However, no matter how difficult they are for many industries, they ultimately force Russia to restructure the entire economy and create high-value-added products within the country. Birichevsky also noted the importance of cooperation with the Global South and integration in the Greater Eurasia space against this backdrop. 

💬 Anastasia Likhacheva, Dean of the Faculty of World Politics and Economics at HSE, believes that the West will primarily improve mechanisms for oversight in the area of compliance with sanctions. The result will be a constant search for dynamic solutions and alternative ways to circumvent restrictions - a kind of eternal game of "sanctions cat and mouse". She believes that the second important factor is pressure on countries friendly to Russia in industries in which the right to work with Russia was not specifically stipulated. For Russia in this context, it will be important to expand the range and develop and complicate cooperation mechanisms, rather than increase trade turnover as such. All this, according to Likhacheva, means that it is no longer possible to be guided by the imperative of cost efficiency and that it is necessary to constantly maintain a balance between a sustainability strategy and a development strategy based on flexibility. 

💬 Glenn Diesen, a professor at the University of South-Eastern Norway, believes that in the long term, the effectiveness of sanctions will decrease significantly, because the world is moving towards multipolarity, and the dependence of other countries on the West is decreasing. It can be assumed that the sanctions will continue to intensify, but this will make it even more difficult to convince the rest of the world, which trusts the West less and less, to comply with them. “I believe that the international system led by the US is slowly disintegrating,” Diesen concluded. “Of course, we need a new economic system with reliable supply chains, reliable transport corridors, and reliable banks.” In this regard, he sees a great future for BRICS. 

💬 Sergey Glandin, Partner at the BGP Litigation, Attorney, spoke about judicial practice in cases of lifting sanctions in the US and EU, and also considered the terminology of the case and the issue of the legitimacy of unilateral sanctions, emphasising that Russia does not recognise any sanctions imposed in circumvention of the UN Security Council as legitimate. Speaking about the prospects, he suggested that if Donald Trump is elected US President, lifting some of the sanctions will be theoretically possible, since American presidents often cancel their predecessors' decrees on sanctions - the law does not require such decisions to be coordinated with Congress. As for the EU, according to the Treaty on European Union, "restrictive measures" are introduced, lifted and extended unanimously.

https://valdaiclub.com/events/posts/articles/history-for-decades-the-present-and-future-of-sanctions-against-russia/

#Multipolarity_and_Connectivity #sanctions

🗣🗣🗣