Freezing states’ assets weaponizing economic interdependence

MEHR: Chinese Permanent Representative to the UN Zhang Jun says that the practice of freezing other states’ assets is a violation of sovereignty and tantamount to weaponizing economic interdependence.

The practice of freezing other states’ assets undermines global economic stability and must be stopped as quickly as possible, Chinese Permanent Representative to the UN Zhang Jun has said.

"Arbitrary freeze of foreign exchange reserves of other countries also constitutes a violation of sovereignty and is tantamount to weaponizing economic interdependence," he told the UN Security Council meeting on Ukraine on Tuesday, TASS reported. 

"Such practices undermine the foundation of world economic stability and bring new uncertainties and risks to international relations. They should be abandoned as soon as possible," the Chinese diplomat continued.

"We must pay attention to and eliminate the negative impact of sanctions. All-dimensional and limitless sanctions have had serious spillover effects, with developing countries bearing the brunt," he added. "The international community should strengthen coordination to keep food and energy supplies and prices stable, and avoid unnecessary export restrictions."