There are also 70bn of private savings at Euroclear, Russian and non-Russian nationals that used Russian brokers to invest, which have nothing to do with Russian reserves. It’s a complex clusterfuck and nobody wants to be the one who pulled the trigger when this goes wrong (and it will).
WHEN Europe does this, the act of theft will be quickly forgotten (we will get a narrative). then we will see Russia's tit for tat (its what they do) and the Middle East and Chinese responses (they will be forced to respond noting they also hold assets in europe). This response will move assets OUT of Europe. The consequence - We will see the cost of living throughout Europe increase even further and we will be told that it is Russia, India, Saudi and China's fault. how dare they attack europe like this, unprovoked.
FML. If you dont want to be called a criminal, dont do bad things.
So the countries in europe that will most be hit from this are Germany, Italy, Belgium, France and Spain. For Germany, the US instructions to them to decapitate their international trade has crippled the country. This will be just another stab into their failing economy. For France, this will be another stab after their own actions in Africa has crippled their economy. Germany MAY recover from this if it can find new markets, but France is in serious trouble. Italy has long had financial woes and this is another wound. Holland should be fine, ditto for Belgium. Fine is a relative term but compared to the others they dont have inherent problems, yet.
This post was edited by ferdia on Nov 10 2025 11:34am