At a video conference in Washington, Ukrainian President Volodymyr Zelenskyy called for assets belonging to the Russian state to be confiscated and made available to his country for reconstruction. “Russia must feel the full price of its aggression,” Zelenskyy said today at a roundtable on Ukraine during the spring meeting of the International Monetary Fund and the World Bank.
It is realistic to confiscate Russia’s assets and those of the Russian Central Bank so that life in Ukraine can be restored. It would be a “peacemaking measure” as it also has a deterrent effect. “A concrete mechanism for using frozen assets must be worked out to compensate for the damage caused by Russia,” Zelenskyy said.
In the past, the world community has largely lagged behind similar demands by Ukraine. The main reasons were legal concerns and practical hurdles – but political risks were also seen. For example, there are fears that countries like Russia and China could set up an alternative international financial system in response to expropriations. Russia had repeatedly threatened countermeasures in the event of expropriations.
