There are no legal obstacles to confiscating frozen Russian assets — British lawyer McCue
news.online.ua
Fri, 14 Mar 2025 22:03:00 +0200
All that is needed to confiscate Russias frozen assets is political willAccording to McCue, there are no legal obstacles to confiscation all that is needed is political will.
For years, the West has been trying to resolve the issue of confiscating 260 billion of Russian state assets that were frozen in the EU to help Ukraine.
From a moral perspective, this seems like a perfectly obvious step.
The challenge is to reconcile what is clearly the right decision with its legal and political consequences.
Jason McCue British lawyer According to him, from a legal point of view, confiscation does not contradict international law, but it needs to be justified through due process.
From a political point of view, confiscation challenges the world order and also raises concerns about possible mirror measures in response.Jason McCue notes that British leaders are striving to achieve a common goal but instead are getting lost in bureaucratic mazes.
This is undoubtedly frustrating for Ukrainian President Zelensky, who has watched the indecision of the Starmer government and its allies on this issue.It is important to call a spade a spade this is a political issue, not a legal one.
The legal Rubicon was crossed a long time ago.
US law has for many years allowed the seizure of state assets if the executive branch recognizes a country as a sponsor of terrorism.
Canada also uses this practice.
Why dont we do the same This approach is effective and practical, and therefore it is worth taking as a model.Until now, the main argument in favor of confiscation has been to emphasize its necessity Ukraine needs these funds to survive.
Without them, Europe will face even greater problems.
However, a solution must be found that neutralizes the political risks.In McCues view, the introduction of an expedited international trial could ensure due process and strengthen political will for confiscation.
The private sector assets of the Russian military machine are vulnerable to lawsuits outside Russia, and significantly exceed the state ones 260 billion pounds together with the frozen 50 billion, they include another approximately 500 billion in the form of foreign direct investment, loans and deposits abroad.
In such cases, it is standard practice to use potential future compensation to provide immediate financial assistance.
Starmer and his allies could easily set up a fund in which allied countries holding frozen assets would provide commercial nonrecourse loans to Ukraine.According to the best models, claims worth 50 billion could attract a nonrecourse loan of 35 billion, which could be directed towards Ukraines defense.Such an approach would not only create a more appealing narrative for domestic audiences than simply providing aid without expecting repayment, but would also guarantee creditors a secured asset that could be used as leverage to pressure Russia.
Latest news
more news