This report analyses the options under international law for the confiscation of Russian state assets to support Ukraine's reconstruction. It focuses on Russian Central Bank assets, US$300 billion of which are frozen in various jurisdictions. The report considers four avenues for overcoming Russia's immunity from enforcement: avoidance of immunity through purely executive or legislative action; justification for the breach of international law on the grounds that it is a countermeasure; evolution of international law to lift immunity from enforcement upon, for example, a finding of aggression by a United Nations principal organ; and an exception in international law for the enforcement of international judgments. The report addresses proposals based on third-party countermeasures and collective self-defence. It assesses six options under current review: enforcement of European Court of Human Rights judgments; an international treaty setting up a compensation commission; taxing windfall contributions; placing Russian state assets into an escrow account as collateral; identifying Russia as a state sponsor of terrorism; and the establishment of an investment 'common fund'. In conclusion, the report presents a risk assessment of each option, noting that (i) confiscation based on third-party countermeasures with a conditional element and (ii) confiscation based on the enforcement of international judgments against Russia are most likely to comply with international law.
Authors
- Published in
- Belgium
