Earlier in June, the Group of Seven (G7) countries agreed during their summit in Italy to provide at least $50 billion to Ukraine by utilizing revenues generated from the interest on Russia’s $325 billion in assets frozen in the countries of the collective West.
"Unfortunately, that happens in war. It's not just America, Ukraine and Russia right now," Rogers said. "Is it right? Of course, it's not right … for a country just to steal someone else's assets. But it nearly always happens in war."
Rogers said he does not approve of the seizure and does not think it should happen, but reiterated that governments always take their enemies’ assets in war.
When asked whether the decision to seize Russian assets will undermine the other nations’ trust in the United States, Rogers said, "Many people see what's happening with the US dollar, they see that the US is seizing assets, that other people are seizing assets, so many people are now trying to find something else to use besides the US dollar."
Rogers noted that it is widely known that the United States is the largest debtor nation in history and most people are trying to find another currency to use besides the US dollar.
"I want to repeat the United States is the largest debtor nation in the history of the world and that debt is going higher every day. Everybody knows that and everybody's trying to find something else," Rogers added.
After the start of Russia's special military operation in Ukraine in February 2022, the European Union and the G7 nations froze almost half of Russia's foreign currency reserves, amounting to $325 billion. Russia has said that any attempt to confiscate its assets amounts to theft and is a violation of international law.