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With the Ukraine-Russia war in its fourth year, Ukraine’s allies in recent weeks have considered tapping one of the most enormous war chests in modern history: the roughly $300 billion in frozen Russian central bank assets held abroad.
But would such a move be legally viable and politically feasible?
What’s happening with Russia’s frozen assets and sanctions now?
Immediately after Russia’s invasion of Ukraine in 2022, Western allies imposed the most extensive sanctions in modern history on Russia. But they haven’t had the desired effect. “Sanctions, even when they’ve imposed economic costs on countries, haven’t necessarily led to political success,” Duke University professor Bruce W. Jentleson told The Dispatch.
Indeed, according to Jentleson, despite dealing a substantial economic blow to Russia, sanctions have done little to alter its trajectory since, which is why Western governments may consider leveraging Russia’s frozen central bank assets.
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