MOSCOW, April 19. /TASS/. Proposals to confiscate Russian assets undermine the foundation of the current international monetary and financial system that is fragile even without that, Finance Minister Anton Siluanov said at the plenary session of the International Monetary and Finance Committee.

"The fragmentation price of the global economy can be up to 12% of the global GDP. Unilateral restrictive measures and trade restrictions introduced due to political motives result in a gain of individual countries at the expense of dividing the world’s economy into blocs. Politically motivated proposals on confiscation of Russian assets undermine the foundation of the effective monetary system that is fragile even without that," the minister said, cited in the release on the ministry’s website.

"Such wrong acts will act main reserve currencies even more 'toxic' for use in the international payment turnover and accordingly in the buildup of gold and currency reserves of central banks. The Russian economy is at the same time successfully moving in payments to counterparties to national currencies in trade with friendly countries," Siluanov noted.

Russia urges the International Monetary Fund to resume the effort of improving the global monetary and financial system, the minister continued. The existing system is unstable, leads to occurrence of large-scale financial and economic crises and is exposed to adverse consequences of geo-economic fragmentation, he noted. "The global payment infrastructure must be more diversified, which will facilitate growth of global trade and economic development," Siluanov added.