The use of Russian funds for Ukraine creates the risk of a global capital flight from the euro system. But Germany’s 100 billion euros are also at risk.
The confiscation of Russian assets for aid to Ukraine will have costly consequences, especially for Germany. The Kremlin could then also expropriate German companies in Russia. Billions are at stake.
“Germany has invested in Russia like no other country. It therefore has the most to lose from the planned use of Russian central bank funds to purchase weapons for Ukraine,” warns Matthias Schepp, CEO of the German-Russian Chamber of Foreign Trade.
It would also be politically and economically wrong to support Ukraine with frozen Russian funds. It would be illegal. The seizure of Russian assets would send a signal to investors: money is not safe here. It would discourage foreign investors from investing their money in European banks.
This would thus lead to serious damage to reputation and undermine confidence in Western financial structures. As a constitutional state, you cannot simply take other people’s money. Even during the Second World War, there was no such expropriation of foreign state assets.
Klaus Schwarz, Berlin
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