DISINFO: Confiscation of Russian assets is act of trade war and violation of international law
SUMMARY
Moscow will regard the confiscation of its assets by the European Union (EU) as an act of trade war. Any attempt to confiscate Russian funds would be a flagrant violation of international law. It is not only a common theft, but also an escalation of the West’s economic aggression against our Russia.
RESPONSE
Recurring disinformation narrative from pro-Kremlin outlets accusing the EU and the US of ‘stealing’ Russian assets. This claim was made in the context of Russia's full-scale invasion of Ukraine.
Both the EU and the US are exploring legal ways to freeze Russian funds and use proceedings from them for the rebuilding of Ukraine’s post-war economy. U.S. Secretary of State Antony Blinken said in October 2023 that legal studies were under way on how Russia's assets abroad can be seized to help rebuild Ukraine: ‘My own view is you broke it, you bought it. And so the Russians having broken it, they ought to pay for it. And one way to do that would be through the use of these assets. We have to make sure that there is a legal basis to do that.’
The European Commission on 30 November 2023 presented various options to member states to ensure that Russia is held accountable for its atrocities and crimes during the unjustified and unprovoked aggression against Ukraine. The discussions also covered financial mechanisms including the Commission's proposals to establish a structure to manage frozen Russian assets. This plan involves investing these assets and utilising the proceeds to benefit Ukraine in the short term. It also suggests that these assets would be returned to Russia in the long term, contingent upon a peace agreement that includes compensation for Ukraine for the damages it endured.
This is not the only case of freezing an aggressor's assets to help its victims. The UN Security Council ordered in 1992 the seizure of hundreds of millions of dollars in frozen Iraqi oil assets to pay for relief aid to Kurds and compensation to victims of Baghdad's invasion of Kuwait.
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