The Nobel laureate compared the confiscation of Russian assets to a cataclysm

After the start of the special operation in Ukraine , Western countries froze about $280 billion in assets of the Russian Central Bank . Shiller compared their confiscation and transfer to Ukraine as a cataclysm that would destroy the “halo of security” that surrounds the DOLLAR Robert Shiller

Using frozen Russian assets to help Ukraine could be “cataclysmic to the current dollar-dominated system” and encourage people to save in other currencies. Nobel Prize winner in economics, Yale University professor Robert Shiller spoke about this in an interview with the Italian newspaper La Repubblica.

“I can’t convince myself that this [confiscation of Russian assets] is the right way. <...> In addition to the fact that this will be confirmation for the Russian leader that what is happening in Ukraine is a proxy war, it could paradoxically turn against America and the entire West,” he said ( quoted by TASS ) .

Shiller wondered what signal would be sent to dozens of countries that, like RUSSIA , are converting their savings into dollars and "entrusting them in the capable hands of Uncle Sam." “If America does this to Russia today, <...> then tomorrow it can do this to anyone. “This will destroy the halo of security that surrounds the dollar and will be the first step towards de-dollarization, which many are increasingly confidently leaning toward, from CHINA to developing countries, not to mention Russia itself,” the Nobel laureate noted.

Shiller is known for his research in financial markets, financial innovation, behavioral economics, macroeconomics, real estate, and statistical methods. In 2009 and 2010, Foreign Policy magazine named the scientist one of the world's leading thinkers. In 2011, he was named one of Bloomberg's "50 Most Influential People in Global Finance."

In October 2013, Shiller was awarded the Nobel Prize in Economics for his empirical analysis of asset prices.

After the start of the special operation in Ukraine , the EU and G7 countries, according to the US Treasury Department , froze about $280 billion of assets of the Russian Central Bank in the form of both cash and securities. Over two thirds of them were frozen by the European Union. The Russian Ministry of Finance last year estimated frozen assets at approximately $300 billion.

The Financial Times reported in mid-December that G7 officials had stepped up talks on confiscating and using frozen Russian assets abroad to finance Ukraine amid the failure of US and EU attempts to agree on aid packages for Kiev. According to the publication, Washington expects to “legalize” the confiscation of Russian assets by recognizing Western countries as the party affected by the conflict in Ukraine.

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As The New York Times notes, in December the administration of US President Joe Biden began urgent negotiations with US allies on the use of frozen Russian assets, and support for such measures in Congress is growing.

Moscow considers the blocking of assets illegal. Russia promised to respond “symmetrically” to the confiscation of its assets abroad. Finance Minister Anton Siluanov noted that the country has “enough [foreign] assets that are frozen here.”