UnHerd with Freddie Sayers Should Europe seize Russian assets? Is a crypto crisis looming?
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Oct 29, 2025 Hosts delve into the controversial idea of seizing frozen Russian assets, arguing it’s legally dubious and could backfire on European taxpayers. They also tackle the so-called battle between central banks and crypto enthusiasts, revealing it as an illusion that masks deeper financial instabilities. The conversation exposes the risks posed by stablecoins, drawing parallels to past financial mishaps while highlighting the politicization of cryptocurrency. Ultimately, they question whether crypto truly democratized money or just shifted power to corporate elites.
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Seizing Russian Assets Is A Dangerous Shortcut
- Seizing frozen Russian assets looks like a solution but is legally and politically precarious.
- Wolfgang warns Europe will ultimately bear the liability and political fallout of this shortcut.
Fund Ukraine With Real Money, Not Creative Finance
- Stop treating frozen foreign reserves as an easy funding source for long-term commitments.
- Raise real money or reallocate budgets instead of hiding liabilities in special purpose vehicles.
Collateralizing Frozen Funds Undermines Europe
- Using frozen Russian central bank assets as collateral to borrow hides true costs from taxpayers.
- Yanis argues this undermines Europe's negotiating position in any future peace settlement.