As Reuters points out, Russia does not have enough Western assets on its territory for proportionate retaliatory confiscation, but it still has ways to retaliate against the West if it dares to seize its international reserves and other state assets.
According to experts, Russia’s most likely response will be confiscating money and securities from special type C accounts, which investors currently do not have access to. Thus, Western investors would receive foreign securities, access to which would be blocked by the Russians, and Moscow would receive access to payouts from these Russian securities. Another way is to force Western companies to sell their Russian businesses for half the price or less or to transfer them to state management.
Russia may also target foreign investments held in securities. However, a significant share of foreign money probably comes from Russian companies registered abroad.
There is also a risk that Russia may try to confiscate Euroclear’s assets in depositories in Hong Kong, Dubai, etc., through the courts. This could deplete Euroclear’s capital and require it to receive large cash infusions.