As the Russia-Ukraine War drags on, plans for Ukrainian reconstruction are underway. If the West has its way, frozen Russian assets will be used to implement the process. Critics warn that such a move could worsen the reputation of the West’s financial system, leading to other countries cutting their dependencies lest they become victims.
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As Russia has warned on Monday to respond to a Western price cap on its crude oil - an initiative led by the US and endorsed by the Group of Seven and allies aimed at curbing Russia s income, Chinese experts pointed out that the price cap would bring losses for Russia but the extent will be relatively limited, as Russia has several backup plans.