International law experts approve confiscation of russian assets in favor of Ukraine - Bloomberg
Kyiv • UNN
Legal experts have approved the seizure of $300 billion worth of frozen assets from the russian central bank to compensate Ukraine for losses from the russian invasion, as allowed by international law.
Legal experts have approved the seizure of $300 billion worth of frozen assets of the russian central bank. Bloomberg reports, UNN reports.
Details
Experts emphasize that such actions are permitted by international law given the scale of russia's invasion of Ukraine.
The letter, which was sent to the capitals of the G7 countries, was signed by ten experts and practitioners of international law from Belgium, France, Germany, Japan, the Netherlands, the UK and the US.
We conclude that, under international law, it would be legitimate for states that have frozen russian state assets to take additional countermeasures against russia, given its ongoing violation of the most fundamental norms of international law, in the form of transferring russian state assets as compensation for losses that have arisen as a direct result of russia's unlawful actions
According to legal scholars, confiscation would be illegal if it were applied against an innocent state that has not violated its international obligations.
Such actions are permissible, they argue, if they are taken against the offending state and are aimed at persuading it to cease its unlawful behavior and fulfill its obligation to compensate victims
It is also allowed if persuasion does not help, to obtain this compensation using the assets of the offending state.
Addendum
The letter comes just as the G7 countries are discussing what to do with the assets, as Ukraine's funding needs remain high and the war shows no signs of abating.
The publication noted that the EU is slowly making progress in implementing plans, at least planning a tax on windfall profits generated by assets. Last year, assets generated a profit of €4.4 billion.
According to officials familiar with the discussions, the United Kingdom and the United States are pushing their G7 allies to completely confiscate the assets of the russian central bank. Canada is open to this idea.
At the same time, according to Bloomberg, European members of the group, especially France and Germany, are currently opposing this step due to legal issues and concerns that it could harm the stability of the euro and set a dangerous precedent.
Recall
The United States transferred about $500 thousand of confiscated russian assets to Estoniato help Ukraine repair the power grid damaged by russian attacks.