A number of international banks have demanded that the UK government develop legal standards before seizing blocked Russian financial assets and using them to help rebuild Ukraine. Bloomberg writes about this.
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Position of banks
“Banks are calling on the UK to strengthen laws on the seizure of Russian assets,” the material notes.
According to the agency, credit organizations have called for the formation of a so-called form of legal mechanism to protect against actions that Russia could potentially commit.
In addition, a form of legal protection is necessary to ensure that the confiscation process takes place within the framework of international law and on a legal basis.
“ Otherwise, the seizure is fraught with possible shocks to the global financial system,” the journalists write.
Some bankers and lawyers in the UK warn that high-profile asset confiscations could damage London’s reputation as an international financial center and raise rule of law questions.< /p>
The priority for banks is some form of legal defense or redress against any future Russian claims against individual financial institutions involved in asset seizure, people familiar with the matter say.
