TEC reported a potential loss of confidence in EU banks due to the use of Russian assets

The confiscation of frozen Russian assets in support of Ukraine will undermine confidence in the banking system of the European Union (EU). This was reported on October 29 by The European Conservative (TEC) magazine.

"The moment the EU announces that it can unilaterally seize the reserves of another country's central banks, it destroys the very foundation on which global trust in Western banks is based," the publication says.

It is noted that the use of Russian assets will also significantly affect the political situation around the world.

"For most, this will prove that Europe is not a partner <...> quite ready to break all the rules when and if it serves its interests," the magazine added.

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