![]() The multilateral Russian Elites, Proxies, and Oligarch (REPO) Task Force, run by finance and justice ministries of Western ally states, recently reported that REPO member states have blocked fifty-eight billion dollars’ worth of sanctioned Russian oligarch assets. Seize the blocked fifty-eight billion dollars ’ worth of sanctioned oligarch assets and expedite their transfer to Ukraine. Meanwhile, the United States and European Union (EU) member states already have the legal authorities and mechanisms to seize and transfer sanctioned oligarch assets. It could also erode non-Western countries’ perception of the United States as a safe place for parking their reserves. It would require new legislation or amendments to existing law. Currently, the authority does not exist to seize state assets and transfer them to Ukraine. It is important to distinguish between immobilized Russian state assets and blocked Russian oligarch assets. However, the debate remains as to how and when Russia should pay. There is broad international agreement that Russia should pay for the damage it has caused. The European Commission estimates that Russian President Vladimir Putin’s war has caused an estimated $650 billion (converted to dollars from the original source) of damage to the Ukrainian economy. Russian oligarch assets should be used now to support Ukraine We also look into Georgia and its ruling party Georgian Dream’s attempt to pass the foreign agent law, which has prompted widespread global criticism. In this edition of the Global Sanctions Dashboard, we answer the most controversial question about the blocked Russian state assets: to seize them or not to seize them? We propose a solution that would transfer funds directly and quickly to Ukraine without triggering a host of legal obstacles in the United States and Europe. Most of the blocked Russian state assets are likely held in European banks.Leveraging existing channels and using the Russian state assets as collateral for current and future funding presents the best opportunity for immediate financial support. Separately, channels are in place for providing support to Ukraine including through the IMF which recently approved a $15 billion dollar loan. Legal mechanisms exist and are being used to seize sanctioned Russian oligarch assets.The location of only approximately $100 billion of blocked sovereign assets is actually known. Western allies have blocked $58 billion worth of sanctioned Russian oligarch assets and $300 billion of sovereign assets.
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