The European Union has taken a major step toward using the near-$350 billion of Russian central bank assets frozen within Europe to help Ukraine fund its defence.whether to access the Russian funds
The unwillingness of the Republican majority in the US House of Representatives to even consider more funding for Ukraine is hampering Ukraine’s ability to defend itself. Access to the earnings on Russia’s assets is no substitute for the massive amounts that the US has previously provided – RepublicansLoading
There are precedents for seizing foreign governments’ assets, most notably the expropriation of Iraqi assets held offshore during the Gulf War, but that was during a direct military conflict between the US and Iraq and the funds were used for the post-war reconstruction of Iraq.The fact that these are central bank assets amplifies the concerns, given the centrality of central banks to the global financial system.
It is notable that, despite murmurs of discontent when the G7 responded to the invasion with the freezing of Russian assets held offshore, there has been no discernible shift of any consequence in global capital flows. Euroclear, which has generated more than €4.4 billion of profits on the Russian assets since the invasion, has kept that income at arm’s length from its normal operations.
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