The power to confiscate sovereign assets once exercised risks could weaken US leverage.
The power to confiscate sovereign assets once exercised risks undermining global financial stability and legal order. It also weakens US leverage.
However, although couched in appeals to moral principles, the idea of seizing the assets of a sovereign nation is not merely deeply counterproductive but also highly dangerous to global financial stability and legal order. They started with plans to freeze the assets of the so-called oligarchs – the handful of billionaires who control Russia’s raw materials and industry and are close to President Putin – because of the assumption that if they were hit in their own pockets and were no longer able to visit their sumptuous holiday villas in the West or buy jewellery for their mistresses, the oligarchs may part company with Mr Putin and exert pressure on the Russian leader to abandon his war in Ukraine.
And so it did. As Russia’s tanks rolled into Ukraine in February 2022, Moscow was subjected to the toughest sanctions ever devised between countries that otherwise formally remain at peace and still maintain embassies in each other’s capitals. Mr Putin not only did not anticipate such actions but also initially appeared to have no idea how to compensate for his loss of access to ready cash.
Advocates of the so-called Repo Act claim it is not creating a precedent in international law. Instead, the legislation refers to the “unlawful actions of the Russian Federation”, which supposedly constitute “a unique situation” that justifies the US and other countries “to seize Russian state assets in their respective territories”.Yet, despite its supposedly narrow focus, its impact will be to tear up existing international legal practices.
Some advocates of the move argue that confiscation can be justified under international law to compensate Ukraine for war damages. Mr Philip Zelikow, a former senior US diplomat now at Stanford University, cites Iraq’s 1990 invasion of Kuwait as a precedent. Iraq was forced to use its internationally frozen assets to compensate Kuwait.and that Moscow should be held liable for it; so, in theory, a similar justification exists to transfer funds to Ukraine today.
Yet the Americans appear determined to persist. President Biden is expected to do nothing for the moment but has vowed to raise the matter at the G-7 summit in Italy in June.
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