There are approximately $300 billion Russian sovereign assets frozen worldwide. It's time to put them to work.
The immobilized Russian state assets will not be returned to Russia until it fulfills its duty to compensate Ukraine for the damage it has caused.
Russia already owes far more than the amount of its frozen reserves. It is inconceivable that Russia will voluntarily pay reparations to Ukraine—never in its history of illegal conquest has Russia ever paid reparations. Given Russia's war aims to eradicate Ukraine and its sovereignty, it is unlikely that its mindset will change now.
Funds must be found now to defend Ukraine, before the damage becomes irreversible. Halting aid to Ukraine would result in economic costs that are approximately 20 times greater than those at present.
The immobilized Russian state assets should be used now as part of an economic counteroffensive strategy for defense against Russia's invasion and for Ukraine's ongoing reconstruction during and after the war.
Russian state assets include central bank reserves and related holdings. These differ from private or oligarch assets, which are subject to different legal rules and procedures.
Countermeasures are "self-help" measures that would ordinarily be unlawful (such as freezing or confiscating sovereign property), but are permitted when the measure is taken against another State for its serious violation of international law. The countermeasures are intended to stop the aggressor's conduct and/or to compel the payment of reparations.
The seizure of Russian state assets operates as a temporary and narrow suspension of the obligations of non-interference with Russia's property because Russia's prior breach of international law created a duty for it to compensate.
The obligations can be restored once Russia fulfills its legal obligations to cease its war of aggression and pay reparations. Countermeasures are not an "exception" to international law—they are a core part of it. No country can have it both ways. Aggressors cannot violate every tenet of the rule of law and then subsequently use it to claim protection for their property.