HomeNewsOpinionSeizing Russia’s frozen $300 billion is legal, urgent and right

Seizing Russia’s frozen $300 billion is legal, urgent and right

Will the UN, in the face of Russian aggression against Ukraine, stand up to crimes against humanity or go the way of the League of Nations when it failed to restrain Mussolini and Hitler? More succinctly: Will we advance international law or let it become irrelevant?

February 15, 2024 / 17:39 IST
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Vladimir Putin
Vladimir Putin

“This case is the gravest test for the future of international law since the creation of the United Nations.” So I’m told by Philip Zelikow, a former US diplomat now at Stanford University (who earned kudos in 2014 as lead author of the 9/11 Commission report). What’s at stake, he says — and I agree — is whether the UN, in the face of Russian aggression against Ukraine, will stand up to crimes against humanity or go the way of the
League of Nations when it failed to restrain Mussolini and Hitler. More succinctly: Will we advance international law or let it become irrelevant?

The immediate question is whether countries that hold currency reserves owned by the Russian central bank may legally confiscate that money and give it to Ukraine as war reparations. This concerns about $300 billion worth of assets held in Belgium, France, the US and other places, and frozen since Russian President Vladimir Putin invaded two years ago and began committing war crimes.

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So far, scholars, politicians and pundits — including me — have been coy about transferring the Kremlin’s sovereign cash to Kyiv. The UN Security Council — in which Russia wields a veto — has passed no resolution that would allow it. And international customary law (the body of accepted practice among states) seems to frown on confiscation. While it explicitly allows “countermeasures” against aggressors such as Russia, it’s the victim — in this case, Ukraine — that should take them.

Well, a lot of those scholars and pundits, again including me, took an overly narrow view of customary law. That’s what Zelikow and a large cohort of international lawyers from countries across the world plan to argue in an open letter next week, around the second anniversary of Putin’s invasion.