Post
Topic
Board Economics
Re: Russian Gas ban - A problem for Europe or suicide for Russia?
by
be.open
on 11/05/2022, 14:16:36 UTC
Europe froze Russia's money, which she paid for gas supplies, that is, Europe actually received gas from Russia for free.
Last I heard it was a total of $5 billion Russian assets that were seized in which case Russia responded by seizing $500 billion Western investment in their country so by your logic EU is paying 100x for the gas.
About $300 billion of reserves of the Bank of Russia in dollars and euros have been frozen, not counting the arrested private accounts, real estate and yachts. Of course, much less is confiscated, simply because it is more difficult to confiscate than to freeze, in many countries there is not even a legal basis for the confiscation of frozen assets, new laws need to be introduced or even amendments to the Constitution (as in Japan, for example).