As Russia’s struggle in Ukraine drags into its 1/3 year, the pressure is mounting on ecu leaders to take a more potent economic stance against the Kremlin. two former U.S. officers—Lawrence Summers, former Treasury Secretary, and Philip Zelikow, former kingdom branch counselor—these days made the case: now is the time for Europe to capture Russia’s frozen property.
Europe holds about $300 billion really worth of Russian central financial institution reserves. these funds had been immobilized because the early days of the fighting. however in spite of loud calls for action, the assets continue to be untouched—frozen, no longer forfeited.
Why the Call to Action?
Summers and Zelikow argue that continuing to keep those belongings besides using them is a overlooked possibility. The logic is straightforward: Russia has committed clean acts of aggression and destruction. global regulation, they say, allows states to capture sovereign property in reaction to such violations—specifically to compensate sufferers or rebuild what has been lost.
They point out that the frozen Russian belongings is probably redirected to Ukraine’s reconstruction and humanitarian desires. As of now, the expected price to rebuild Ukraine stands at over $four hundred billion and maintains to grow. the usage of the seized Russian finances could each ease the financial burden on allies and send a effective sign: aggression has results.
Legal and Political Hesitation
Europe’s hesitation stems largely from legal and financial concerns. Central banks worry that setting this precedent could shake global trust in reserve systems. Legal scholars debate whether international law clearly permits such seizures without a formal peace settlement.
Growing Momentum
However, Summers and Zelikow counter that exceptional circumstances demand exceptional measures. Similar moves have historical precedent—such as the U.S. seizure of Iraqi assets after Saddam Hussein’s invasion of Kuwait. They argue that the moral, political, and practical case for using the frozen assets outweighs the risks.
What Happens Next?
The next few months could determine whether the West is willing to match rhetoric with real financial pressure. With Ukraine’s needs growing and the war showing no signs of ending, Europe faces a choice: unlock these resources now, or continue letting them sit in legal limbo.
The argument from Summers and Zelikow is clear: delaying only empowers Putin. Now is the time for Europe to seize Russia’s frozen assets.
