April 28, 2024 (EIRNS)—The United States will have cause to regret the law Congress just passed authorizing outright seizure of $300 billion-plus in Russia’s foreign reserves to give them to Ukraine, should the Biden Administration decide to push it.
In immediate reaction to the “REPO for Ukraine Act,” a Russian court froze $440 million in JPMorgan Chase’s funds in Russia’s VTB Bank. This is a pinprick to JPMorgan Chase, but there are many more American assets, financial and physical, in Russia to be seized; they are estimated to be valued at least equal to the frozen Russian foreign reserves.