The ongoing war in Ukraine has sparked discussions within the Group of Seven (G7) about using frozen Russian central bank assets to support the war effort or compensate Ukrainians for the damage caused by Russia's aggression. International law, however, presents challenges as seizing central bank assets could violate foreign sovereign immunity. Supporters argue that such actions could be justified as lawful "countermeasures" against Russia's violations of international law, while opponents disagree. This debate has become a focal point in legal circles, although it has not been thoroughly explored, particularly regarding the risks and costs of thirdparty actions against Russian assets.

This program assessed a potential seizure of the frozen Russian Central Bank assets and whether assets can be applied toward reconstruction, reparations, or relief to aggrieved individuals. Discussants considered the legal and diplomatic constraints on this form of retribution, including how seizing Russian assets might impact the broader international financial order.

Featuring:

Prof. Philip Zelikow, White Burkett Miller Professor, University of Virginia
Prof. Ingrid Brunk, Helen Strong Curry Chair in International Law, Vanderbilt University Law School
Moderator: Nitin Nainani, Law Clerk, Mayer Brown LLP
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As always, the Federalist Society takes no position on particular legal or public policy issues; all expressions of opinion are those of the speaker.