On December 29, Dmitry Peskov, Russia's press secretary, stepped forward and announced that Russia would resolutely and reciprocal respond to possible asset freezing and confiscation actions taken by the West. As the much-talked-about storm intensifies, the Russian side is even more ready to draw up a list of foreign assets that will pave the way for possible "very, very serious consequences." At a press conference, Peskov elaborated on Russia's position, stressing that if the West takes steps to confiscate Russian assets, it will not only violate the law, but also damage international trust and the world economy.
And on the eve of this storm, the United States proposed that the G7 member countries jointly confiscate up to $300 billion of Russia's frozen assets. The United Kingdom, Japan and Canada have expressed their support, but Germany, France, Italy and the European Union have reservations, arguing that the legality of confiscation needs to be carefully assessed in the case of such large assets involved. This divergence of views has led to an impasse in the progress of the proposal within the G7.
According to the Financial Times, G7 leaders plan to discuss a new legal basis at a summit in February next year to move forward more forcefully with the asset forfeiture program. This decision undoubtedly casts a deeper shadow over the whole affair. According to the source, the leaders of various countries will delve into the development of a legal asset forfeiture plan at the summit, however, this also means that the actions against Russia will be more severe and concrete.
It is worth noting that Sergei Ryabkov, the deputy minister of Russia, previously said that Russia may even sever diplomatic relations with the United States once the United States takes action to confiscate assets. This statement underscores Russia's high concern for the security of its assets and adds a more dramatic dimension to the whole incident.
Looking back at the whole incident, from the West's proposal to Russia's resolute response, to the disagreements within the G7 and the convening of the planned summit, the plots are intertwined and push this storm to a climax. This is not only a financial game, but also a high-risk gamble involving international law and politics. The two sides did their best in this whirlpool, demonstrating their respective persistence and bottom line. In the future, the world will closely monitor this fierce game and the decisions made by world leaders at the summit, because this may bring new changes to international relations.