On Breakingviews: The European Union’s frozen Russian assets plan is best put on ice, writes pierrebri
to try using billions of dollars and euros of frozen Russian assets to help finance the reconstruction of Ukraine. It is a wrong-headed approach on legal, financial, and political grounds.
The European Union is eyeing two kinds of assets. First, 19 billion euros worth of sanctioned oligarchs money. Then an estimated 165 billion euros of frozen Russian. European governments would have to ignore bilateral treaties protecting individuals and businesses against expropriation. Furthermore, some sanctioned oligarchs may already have transferred some assets to family-controlled trusts before the sanctions hit, making tracing difficult.
The idea is also politically fraught. It would require Europe to run roughshod over some fundamental principles of its legal system, such as the respect of treaties, the protection of property rights, and the non-retroactivity of laws and regulations. It also puts a burden on the future, post-Putin Russia that could one day emerge from the current crisis.
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