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European Union’s sanctions against Russia: implications of moving from freezing to seizing sovereign assets: balancing legal, economic, and political concerns in holding Russia accountable for its aggression
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Resumo(s)
The European Union’s (EU) response to Russia’s invasion of Ukraine has led to
unprecedented sanctions, including the freezing of €210 billion of Russian sovereign assets
located in the EU. This paper explores the feasibility and consequences of moving from
freezing to seizing these assets. Through nine interviews with involved EU officials,
economists, and legal experts, it examines the policy’s political, economic, and legal
dimensions. The Extraordinary Revenue Acceleration (ERA) loan design offers an effective
compromise to seizure. To ensure the loan reimbursement and even increase the windfall
profits, some technical adjustments of the current ERA design should be considered.
Descrição
Palavras-chave
European Union Sanctions Countermeasures International Law International order Accountability Sovereignty Sanctions Design Russia Ukraine Seizure Frozen assets Foreign Exchange Reserves Financial markets