This is CBSI on the world. I'm John Batchel.

$245 billion of Russian assets.

And it's burning a hole in the pockets of the European Union as they meet and debate what is to be done.

$225 billion of those dollars are in Belgium in an organization called Euroclear.

Euroclear says, you want this money?

You've got to give us an ironclad guarantee that we won't be on the hook for it when

Russia comes looking for its frozen assets.

Michael Barron Stama, the Hoover Institution, is here to help me understand an article in London,

the Financial Times.

It tells me there's no agreement of anything except for the fact,

look at all that money, how can we get at it?

Michael, a very good evening to you.

What is an ironclide guarantee,

and who has one to give to Belgium? Good evening to you. There is no such thing as ironclad guarantee. And we are talking very large numbers because when the war started in February 22, the United States and the European Union and Japan and Canada and other countries,

43 countries all together, flows Russian assets and their jurisdictions.

Very important say jurisdiction.

Each country did it and and each union, like European Union, did it where they are.

And so it was at least $350 billion, which are foreign exchange reserves of the Russian Central Bank,

which were in government bonds, commercial banks,

deposits, brokerages, in all sorts of financial instruments.

And since everything on the computer is digital, it's very easy to freeze, freeze and

set aside.

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