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Use confiscated Russian assets to defend Ukraine

As Russia launched its war against Ukraine in late February, the central banks of the US, Japan, Britain, the European Union and others froze more than $300 billion in Russian foreign exchange reserves. These unprecedented measures helped undermine the ruble, which has since rallied on lower demand for hard currency as a result of Russia’s economy being isolated.

Unfortunately, these and other key Western sanctions have done little to stem Russian aggression. Indeed, Russia’s brutal war against Ukraine has resulted in widespread war crimes, the deliberate destruction and depopulation of Ukrainian cities, the displacement of some 11 million Ukrainians from their homes, and the deaths of many thousands of Ukrainian civilians. As a result, the West has recently increased its pressure on Moscow and is looking for new ways to force Moscow to desist. In this context, Russia’s massive hard currency reserves, now frozen in Western accounts, are a crucial asset that can be used to protect Ukraine and its sovereignty.

https://www.wsj.com/articles/seized-russian-assets-defend-ukraine-moscow-sanctions-currency-war-crimes-economy-11649612933 Use confiscated Russian assets to defend Ukraine

Ethan Gach

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