The Bank of Russia. (NA)
The Financial Times reports that the US, European states, and other allies are considering seizing some $300 billion in Russian government assets located in Western nations, and giving them to Ukraine to fund its defense against Russia’s war of aggression:
The US has proposed that working groups from the G7 explore ways to seize $300bn in frozen Russian assets, as the allies rush to agree a plan in time for the second anniversary of Moscow’s full-scale invasion of Ukraine.
While no decisions have been taken and the issue remains hotly debated inside European capitals, the acceleration of work on confiscating Moscow’s assets for Ukraine highlights its rising importance for the west.
The topic was discussed this month by both G7 finance ministers and their deputies, according to people briefed on the calls, which touched on how to develop such a policy and assess the risks involved.
The US, backed by the UK, Japan and Canada, has proposed moving forward with the preparatory work so the options would be ready for a potential meeting of G7 leaders around February 24, the date of Vladimir Putin’s 2022 offensive on Kyiv.
The US and other allies shouldn’t wait till February. They should instead move ahead immediately. Ukraine needs all the weapons and supplies it can get as quickly as possible. There is no reason to wait. Indeed, waiting will just unnecessarily prolong the war and associated suffering, enabling the Russian military to commit more atrocities and war crimes, as the Ukrainians run low on munitions.
In a previous post, I addressed a variety of objections to this step, such as claims that it is unfair to the Russian people, that it threatens property rights, that it would lead to a dangerous slippery slope, and that it would undermine international law. These arguments are all either flat-out wrong, or not compelling enough to outweigh the moral and strategic benefits of confiscating Russian state assets. The post also includes links to more detailed analyses by various experts.
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