Policy Backgrounders
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Geopolitics Hub

Policy Backgrounders

CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.

Seizing Russian Assets?

February 21, 2024

Trusted Insights for What’s Ahead™

Challenges in approving further economic and military aid for Ukraine in both the US and the European Union have focused attention on the idea of seizing certain Russian assets under sanctions and using the proceeds, or possibly interest on the proceeds of the seized assets, for Ukraine reconstruction.

  • In both the US and EU, the path to seize Russian assets is difficult. Each house of the US Congress has passed a version of a bill that would confiscate official government Russian assets held here (about $5 billion) and use the proceeds for Ukraine reconstruction, not military aid.
  • The EU has approved a law for a windfall profits tax on the interest on certain seized assets for Ukraine reconstruction, but no money has yet been seized.
  • Policymakers are proceeding cautiously because any actual seizure of assets could lead both to significant Russian retaliation, including actual seizure of Western assets in Russia and to additional consequences, such as the increasing split of countries in the Global South from the Western financial system, including SWIFT and Euroclear.

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