Seizure of immobilized reserves could undermine global financial system, according to the International Monetary Fund Any steps towards seizing Russia’s frozen reserves should be backed by legal support, so as to avoid the risk of undermining the global financial system, Alfred Kammer, Director of the IMF European Department, has said. The EU and other G7 nations have blocked an estimated $300 billion in assets belonging to the Russian central bank since the start of the Ukraine conflict in 2022. Of that amount, €196.6 billion ($211 billion) is being held by the Belgium-based clearinghouse Euroclear. Since last ye
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