I don’t understand why this wasn’t done on day 1 of the invasion.
International law I reckon.
Really? Any lawyers or something can verify?
Surely if international law applied back then, then it still does? What has changed?
Laws do change actually and thats a good thing.
Right so the argument is that back at the start of the invasion, Russia had not done a lot of damage (monetarily speaking) but now it has done so much damage that the frozen assets don’t even pay the whole bill, so taking it is akin to taking the assets of someone with a lot of debt.
I guess it kinda makes sense. Still think they should’ve taken it right at the start though. This war shouldn’t have gone on for so long like this.
Property rights are kinda a big deal in The West. Plus capital from less savory regimes brings in much needed liquidity in western markets. Ceasing this capital will make it less likely that The West is seen as a safe haven for investment from those kinds of countries. On the long term this might even cause a parallel financial system to arise, which would be very bad news for the US and it’s reserve currency.
Removed by mod
Yeah why not? Consider it reparations.
I’d say look what happened after we did that to Germany, but Russia seems to get worse with or without encouragement
This is the best summary I could come up with:
WASHINGTON (AP) — Treasury Secretary Janet Yellen on Tuesday offered her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine’s long-term reconstruction.
“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction,” Yellen said in remarks in Sao Paulo, Brazil, where Group of 20 finance ministers and central bank governors are meeting this week.
The idea of using Russia’s frozen assets has gained traction lately as continued allied funding for Ukraine becomes more uncertain and the U.S. Congress is in a stalemate over providing more support.
Yellen said Tuesday that it is “extremely unlikely” that tapping the frozen funds would harm the dollar’s standing in the global economy “especially given the uniqueness of the situation where Russia is brazenly violating international norms.
John Kirby, President Joe Biden’s national security spokesman, said at a White House press briefing Tuesday that “we still believe Russia needs to be responsible for the damage” brought onto Ukraine by “exploring the option of using those frozen assets.”
Earlier this month, the European Union passed a law to set aside windfall profits generated from frozen Russian central bank assets.
The original article contains 533 words, the summary contains 215 words. Saved 60%. I’m a bot and I’m open source!
Please do it. Make it so every other government withdraws their reserves once they know you’ll steal them if the opportunity arises.
I think Russia had ample warning that there’d be consequences.
