'Dangerous precedent'. China urges EU not to touch Russian assets

The countries that are friendly to Russia demanding from EU to chase away eve an idea of confiscating Moscow's assets, Politico writes.

Representatives of China, Saudi Arabia and Indonesia are urging the EU not to give in to pressure from the US and UK Britain and the idea of confiscating Russian frozen assets worth more than 200 billion euros. Analysts say it would set a precedent and countries fear they could be next.

Confiscation threatens to undermine the investor confidence in the entire EU financial system, experts add. Market turmoil due to the confiscation could hurt countries such as the Gulf and others that hold huge foreign exchange reserves.