That is why the recent agreement is rightly chasing the dream of confiscating sanctioned Russian assets to meet the just cause of Ukrainian reparations. While I would love to see that bold precedent set, is it realistic? I wish it were, but there are three huge obstacles in the way.
Firstly, history shows us that when it comes to peace, the cognoscenti will shy away from aggressive reparations which could lead to a repeat of the tragic repercussions after the Allies sought to punish Germany at the Versailles Treaty in 1919.
Secondly, any such reparations scheme will be focused on state and civil society reconstruction, while the reparations due to the ordinary citizen and high street shops will be diluted and become no more than token compensation. And so this will not enable a grassroots rebuilding of Ukraine post-conflict.
Thirdly, while it feels good to confiscate a rogue state’s assets, wise heads in the international community will inevitably fear opening the floodgates. What about their own assets overseas – and what about rogue nations confiscating them at a whim? That is precisely why international sanction regimes are focused on freezing assets, for them to be returned when the issue is rectified.
As hard as it may be to swallow in this instance, maintaining the smooth running of the world order is more important to some than just dealing with the current fly in the ointment, however big and ugly that Russian fly is.
However, I believe there is an alternative solution to meet these obstacles, comply with international law, and provide justice and reparations to Ukraine. It is entirely achievable, but it takes some effort, and political will.
Mass private and state legal compensation actions must be taken around the world in any legitimate forum and jurisdiction that will enable such claims.
Legal judgments, recognised internationally, have legal precedent to be enforced against sanctioned and non-sanctioned assets of both the Russian Federation and Russian aggressors; those that have facilitated the war, whether they be private military companies like the Wagner Group, sanctions busters, or banks that have facilitated this process.
That is why the recent agreement is rightly chasing the dream of confiscating sanctioned Russian assets to meet the just cause of Ukrainian reparations. While I would love to see that bold precedent set, is it realistic? I wish it were, but there are three huge obstacles in the way.
Firstly, history shows us that when it comes to peace, the cognoscenti will shy away from aggressive reparations which could lead to a repeat of the tragic repercussions after the Allies sought to punish Germany at the Versailles Treaty in 1919.
Secondly, any such reparations scheme will be focused on state and civil society reconstruction, while the reparations due to the ordinary citizen and high street shops will be diluted and become no more than token compensation. And so this will not enable a grassroots rebuilding of Ukraine post-conflict.
Thirdly, while it feels good to confiscate a rogue state’s assets, wise heads in the international community will inevitably fear opening the floodgates. What about their own assets overseas – and what about rogue nations confiscating them at a whim? That is precisely why international sanction regimes are focused on freezing assets, for them to be returned when the issue is rectified.
As hard as it may be to swallow in this instance, maintaining the smooth running of the world order is more important to some than just dealing with the current fly in the ointment, however big and ugly that Russian fly is.
However, I believe there is an alternative solution to meet these obstacles, comply with international law, and provide justice and reparations to Ukraine. It is entirely achievable, but it takes some effort, and political will.
Mass private and state legal compensation actions must be taken around the world in any legitimate forum and jurisdiction that will enable such claims.
Legal judgments, recognised internationally, have legal precedent to be enforced against sanctioned and non-sanctioned assets of both the Russian Federation and Russian aggressors; those that have facilitated the war, whether they be private military companies like the Wagner Group, sanctions busters, or banks that have facilitated this process.