U.S.-European Disposal Options of Russia's Frozen Assets and Implications
After the outbreak of the Russia-Ukraine conflict,the United States,Europe and multiple other countries jointly imposed all-round sanctions on Russia.Freezing around($)300 billion of Russia's foreign currency assets is one of the key sanctions measures.The initial rationale for freezing Russian assets was to limit Russia's economic and financial ability to conduct military operations.However,as Ukraine sustained increasing losses,the United States and European countries began to consider completely stripping Russia of its frozen financial assets to support Ukraine's resistance to Russia and its reconstruction.The parties are currently discussing the legal basis for disposing of the frozen assets and attempting to follow up.The United States is actively pushing European countries to make a decision.This paper elucidates the distribution of the Russian Central Bank's foreign exchange assets in the U.S.and European countries and the legal basis and specific measures taken by the U.S.and European countries to deprive other countries of their foreign exchange assets,analyzes the attempts and plans of the U.S.and European countries to dispose of Russia's frozen assets as well as Russia's coping strategies,discusses the impact and influence that the relevant European and U.S.initiatives may have on the international financial order,and introduces the significant role that the Euroclear and the Clearstream are playing as the international financial infrastructure of the international capital market.At present,the U.S.and European countries still remain clearly divided on the issue of how to dispose of frozen Russian central bank assets.With the further development of the Russia-Ukraine conflict,the struggle over the issue of frozen Russian assets will further intensify,and the game between the United States and European countries and Russia will become more intense.If the United States and European countries finally decide to deprive the frozen assets of the Russian Central Bank,it will have an unprecedented impact on the international financial order.
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