The article analyzes the transformation of the financial risk management paradigm amid unprecedented geopolitical instability and the actual destruction of trust in global financial institutions. On the example of the blocking and threat of confiscation of sovereign assets of the Russian Federation (primarily in foreign depositories such as Euroclear), the systemic crisis of sovereign risk management is considered. The article examines historical precedents, institutional failures, and hypothetical models of asymmetric risk management aimed at redistributing threats and creating competitive jurisdictional advantages. Special attention is paid to adapting international experience and theory to Russian realities, as well as analyzing the work of domestic economists in the field of risk management. The article offers a conceptual framework for adapting risk management systems of financial organizations and corporations to the new reality of fragmentation of the global economy, based on a synthesis of Western theories and Russian practice.