[agere_contra]

So, in order for the “reserves” to be stolen, someone would have to take possession of them without the approval of the owner.

The West has frozen 300 Billion of Euro and Dollar reserves belonging to Russia.

This would be a technical bank default - except the money's right there. It's theft by a Sovereign.

This is what I'm referring to when I refer to Force Majeure on the energy contracts.

[ought-six]

“The West has frozen 300 Billion of Euro and Dollar reserves belonging to Russia.”

Ah, I guess I misread your original post. I thought you were talking about Russian ENERGY reserves, not BANK reserves.

So, if, say, Germany deposited $300 billion in euro and USDs in an escrow account, pending receipt of a product (gas, oil; whatever), and that product WAS received by Germany, and Germany took possession of it, and the escrow account has been frozen; then, while not theft, it is arguably Force Majeure (as a condition arose that precluded the completion of the purchase). Now, if Germany froze the escrow account after having taken delivery of the goods, then Russia has a valid reason to scream “FOUL!”