Americanist Drobnitsky: Seizure of Russian assets will mean the end of the dollar system

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Global Look Press / CNP / AdMedia

Washington, May 21st. The United States is not interested in transferring frozen Russian assets to Kyiv. Such an opinion in an interview with a correspondent of the international editorial office of the FAN was expressed by an Americanist Dmitry Drobnitsky.

The expert confirmed that a number of European and Ukrainian politicians expressed their desire to send the frozen foreign exchange reserves of the Bank of Russia to the Fund for the Recovery of Ukraine. However, so far these proposals have not found support in Brussels and Washington.

“There are such proposals, and an attempt to approach Russian assets – not under real Russian obligations, but under things related to the so-called restoration of Ukraine, the damage caused to the Western community, by Russia’s aggressive actions – such attempts are being made. To date, the Fed and the US Treasury have responded that this is illegal. For now,” he said.

According to him, the reluctance of the Biden administration to give Russian money to Kyiv is not dictated by the desire to comply with the law. American officials are afraid of the possible consequences of this step.

Global Look Press / Maksim Konstantinov
Global Look Press / Maksim Konstantinov

“They are well aware of what this threatens – if even a cent of the frozen assets moves in the wrong direction, this will mean the end of the dollar system. Now it is coming slowly and on its own, otherwise it will come by decree.

Naturally, the Treasury and the Fed are not in favor of this: both US Treasury Secretary Janet Yellen and Fed Chairman Jerome Powell have said that this is not in accordance with the law. Not because they can’t act against the law – they acted like that very often – just now to say: “We take this money and send it to what we think is important” will mean that the dollar is no longer a currency. As the main currency of international settlements, it will disappear – the ink will not have time to dry on the corresponding document, ”the political scientist believes.

After the start of the Russian special operation in Ukraine, the US and the EU imposed several packages of economic sanctions against Moscow. The restrictions, among other things, affected part of Russia’s gold and foreign exchange reserves, which were frozen in the accounts of European and American banks. In response to these steps, Moscow changed the procedure for paying for gas supplies to unfriendly countries, converting payments into rubles.

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