Experts declared confiscation of frozen Russian assets legal

A group of law experts believes that the confiscation of frozen Russian assets is legal.

This is reported by Bloomberg.

The European Union, the Group of Seven countries, and Australia have frozen about 260 billion euros ($280 billion) in securities and cash, with more than two-thirds of them blocked in the EU.

Ten international law experts from seven countries (Belgium, France, Germany, Japan, the Netherlands, the UK, and the US) signed a letter addressed to the G7 countries. They are seeking to make the legal case for seizing the assets in question.

"We have concluded that it would be lawful, under international law, for States which have frozen Russian State assets to take additional countermeasures against Russia, given its ongoing breach of the most fundamental rules of international law, in the form of transfers of Russian State assets as compensation for the damage that has resulted directly from Russia’s unlawful conduct," the experts wrote.

The letter comes at a time when the G7 countries are discussing what to do with the assets in question, as Ukraine's funding needs remain steadily high and the war shows no signs of abating.

In their letter, the lawyers recommend that states that have frozen these assets transfer them to an international mechanism. The deposited assets could then be allocated to support programs to assist Ukraine in its recovery.

Author – Anastasiya Glotova, 22/02/2024