In February 2022, when Russia invaded Ukraine, it left circa €300 billion of its sovereign wealth in the West. A series of sanctions and other measures, designed to make the aggressor stop, led to these funds being immobilised; they remain untouched. International law dictates that Russia is responsible for providing reparation and restitution to Ukraine for damages the World Bank estimated in Dec.2023 to exceed €486 billion.
The decision to confiscate the c.€300 bn and make Russian tax payers shoulder the burden for their Government’s unlawful actions is political, but is underpinned by complex international law, as set out below. The arguments for confiscation are stronger than some G7 leaders currently acknowledge, and the urgency for resolving this in Ukraine’s favour has never been greater.
Read the full article here