Lack of attention to the “Global South” has come back to haunt now that Western interests are threatened by an axis of Russian, Chinese and Iranian authoritarianism.
There are few monikers more irritating than that of the “Global South” – the fashionable term for countries making up the developing and low-income world. Nations of such disparate and often conflicting geopolitical and economic interest cannot be so easily pigeonholed.
Up goes the cry: “Why should we assist in a ‘white-on-white’ conflict on Europe’s fringes when you do nothing to restrain the Israelis in Gaza or the civil war in Sudan?” If you are going to claim the moral high ground, it’s important to be consistent. Yet it seems that one illegal act – Russia’s invasion of Ukraine – is to be countered by another in the seizure of Russian assets., a Chinese state controlled news outlet, had this to say about the matter: “To seize and transfer frozen Russian assets... will set a disastrous precedent against the existing international financial order”.
Simply to help yourself to the assets would plainly be an act of unmitigated theft, and though possibly justifiable on moral grounds, would undermine wider faith in global money.The great bulk of the Russian assets are held through a hitherto largely unheard of institution called Euroclear, a Belgium-based financial services company that specialises in settling securities transactions, and the safekeeping of these securities.
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