How to ruin your currency

This will push up interest rates as holding Western debt must now be seen as more risky

Ambassadors from EU member states have agreed in principle to seize windfall profits from frozen Russian assets to finance arms supplies to Kyiv.

In the wake of Russia’s invasion of Ukraine in 2022, EU countries froze hundreds of billions of euros worth of assets.

If the decision is approved at a gathering of EU finance ministers next Tuesday, the interest - worth up to €3bn (£2.5bn) per year - will be used to buy weapons for Ukraine.

I doubt it.

But it definitely makes it clearer that launching wars of conquest and exploitation is risky.

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