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Russia Accuses the West of Stealing From its Currency And Gold Reserves

John Galt

Updated: October 31, 2022

russia west stealing
Editor’s Note:

EDITOR'S NOTE: Typically, when the government legislates an action that would otherwise constitute “stealing”—such as imminent domain or even just taxation—it’s transformed into a legal and ethical duty whose violation warrants punitive enforcement. America and its Western allies have enacted similar legislation levied against Russia in the form of sanctions. Essentially, we froze many of their currency assets including gold, and are now thinking of handing these over to Ukraine. Russia accuses the West of stealing its funds. Is this the case? In light of the fact that no “universal” adjudicator reigns over international matters (deities don’t count), the accusation of theft is accurate. The question of “right,” however, is a matter of power; similar to how Russia claims the right to invade foreign soil.

  • Russia accused the West on Monday of stealing from its currency and gold reserves. 
  • Western sanctions have frozen $640 billion worth of Russian assets. 
  • The European Council is considering transferring those assets to Ukraine.

Russia accused the West of stealing from Moscow's currency and gold reserves on Monday thanks to sanctions that froze Russian assets. 

In a statement to reporters discussing the prospect of the European Union's proposal to transfer the frozen Russian assets to Ukraine, spokesperson Dmitry Peskov said "a part large of our assets have been essentially stolen by specific Western countries."

The Western sanctions have blocked Russian access to roughly $640 billion worth cash and gold reserves in response to the Kremlin's February 24 invasion of Ukraine. Other US allies followed suit earlier this year, freezing $30 billion worth of assets held by Russian oligarchs in concert with $300 billion in Russian central bank funds. 

The European Union is also considering transferring the Russian cash and gold to Ukraine, drawing criticism from the Kremlin. 

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Originally published on Markets Insider.

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