NEW YORK, May 3. /TASS/. The possible confiscation of Russian assets abroad will be unprecedented, such a move by Western countries indicates that the world is getting rid of what’s left of international law in economy. This opinion was expressed to a TASS correspondent by Kyle Shostak, CEO at Navigator Principal Investors LLC.

"The confiscation of Russia’s assets to benefit anybody at all, including to benefit Ukraine, if it does happen, will be of unprecedented nature <...>. The world is rapidly getting rid of any remnants of international law, including in economic relations," he said.

According to the expert, in case of such actions "the inevitable consequences will involve multiple lawsuits contesting the legality of confiscating Russian assets abroad." He also thinks that this will entail a very harsh Russia’s reaction with regards to the assets, resources and infrastructure of the confiscating states.

However, he hopes that the market logic will prevail and the sides will be able to resolve the current issues. "The only hope is that the sensible market logic will prevail and the sides will manage to agree on something both with regards to the mechanism of dealing with the current debt and regarding the fate of the frozen assets," he concluded.

Last week, it was reported that US President Joe Biden would send proposals to Congress enabling the confiscation of the property of Russian entrepreneurs and use these funds to provide aid to Ukraine.