This has been done very often since 1917.
It takes a lot to get into this sort of sanctions regime.
More likely to lead to a BRICS situation is a truly effective anti-Chinese protectionist scheme. Because China IS BRICS, the rest are opportunists and bad actors. And that protectionism is far more likely to come from a Euro-US right.
Btw, BRICS is not looking good at all given Chinas economic problems.
As the article stated, Ukraine is not holding the frozen assets.
A U.S. Senate committee approved legislation on Wednesday that would help set the stage for the United States to confiscate Russian assets and hand them over to Ukraine for rebuilding after the destruction of the nearly two-year-long war.
The Senate Foreign Relations Committee voted 20 to 1 in favor of the unprecedented “Rebuilding Economic Prosperity and Opportunity (REPO) for Ukrainians Act.”
Senator Ben Cardin, the Democratic foreign relations committee chairman, was optimistic as has broad support, from both Democrats and Republicans in the Senate and House,