Should Ukraine Get Russia’s Frozen Assets?
Topics: Economics, Finance, Law, World
Public Release Date: September 19, 2023
Produced as an exclusive livestream event on Tuesday, September 19, 2023.
After the Russian invasion of Ukraine, a series of economic sanctions were imposed on Russia by multiple countries, including the US and the European Union. These sanctions targeted Russian individuals and entities, along with finance, aerospace, and other industry sectors. Consequently, certain assets located abroad were frozen and rendered inaccessible to Russians. While assets are frozen as a punitive or preventive measure to change behavior or deter aggression, there are legal and ethical implications that may unfold if assets are relocated to help Ukraine rebuild. Should they go to Ukraine?
Those arguing yes say it would serve as a form of restitution for perceived aggressions and annexations, while also compensating for damages and economic disruptions. Those arguing no say it may overstep the bounds of international law and could set a concerning precedent, which would lead to escalated tensions and retaliatory actions.
With this background, we debate the question: Should Ukraine Get Russia’s Frozen Assets?
ARGUING YES:
Lawrence H. Summers: Former Secretary of the Treasury
ARGUING NO:
Benn Steil: Senior Fellow and Director of International Economics at the Council on Foreign Relations
GUEST MODERATOR:
Gillian Tett: Editorial Board Chair and Editor-at-Large US of the Financial Times and Incoming Provost at King’s College Cambridge