What do you do with 191bn frozen euros owned by Russia?
The question that now confronts Western policymakers
In economic terms, an asset has value because an owner might derive future benefits from it. Some assets, like cryptocurrencies, require a collective belief in those benefits. Others, like wine, will undeniably provide future pleasure, such as the ability to savour a 1974 Château Margaux. Still others, like American Treasuries, represent a claim on the government of the strongest economy in the world, backed by a formidable legal system.
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This article appeared in the Finance & economics section of the print edition under the headline “Treasure hunters”
Finance & economics March 2nd 2024
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