British banks have set a condition for the confiscation of Russian assets

Before proceeding with the possible confiscation of blocked Russian assets, the UK faces the need to define clear legal principles to ensure that the entire process is carried out in strict accordance with international law. The challenge is being raised with the British government by international banks keen to avoid any risk that could undermine London's reputation as a major international financial center and call into question the country's rule of law, Bloomberg reports.

Financial institutions insist on the need to provide legal protection and the possibility of compensation if Russia goes to court against them and wins the case. This position reflects the desire of banks to protect themselves from possible legal and reputational risks.

While G7 leaders are trying to convince EU countries to support the idea of ​​confiscating frozen Russian assets, experts from a number of Western countries have already recognized such a step as legal, citing Moscow's violations of international law. In this context, the former head of the World Bank, Robert Zoellick, calls on the West not to be afraid to move towards confiscation, arguing that concerns about this are exaggerated while the potential benefits are underestimated.


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