The Use of Inmobilised Assets and Reserves of the Central Bank of Russia: a Perspective from EU Law

Alberto de Gregorio Merino

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Chapter 8 The Use of Inmobilised Assets and Reserves of the Central Bank of Russia: a Perspective from EU Law

In: International Sanctions: Monetary and Financial Law Perspectives

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Alberto de Gregorio Merino

Alberto de Gregorio Merino
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Type:: Chapter

Pages:: 190–202

DOI:: https://doi.org/10.1163/9789004705708_010

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Abstract

Since the beginning of Russia’s war of aggression against Ukraine, the EU and its Member States have discussed possibilities to make the assets of Russia– contribute to the financing and reconstruction of Ukraine – most notably the immobilised assets and reserves of its central bank. However, recourse to those assets faces some fundamental limits of EU and international law: their confiscation would breach the right to property, the very nature of restrictive measures under EU law, and may breach the principle of State immunity. Nonetheless, where seizing the assets of the Central Bank of Russia faces significant legal obstacles, their use – namely, disposing of the revenues generated by custodians as consequence of the investment of the assets – may offer a promising alternative legal avenue. This avenue has been the object of recent proposals by the Union legislators.

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International Sanctions: Monetary and Financial Law Perspectives

E-Book ISBN:: 9789004705708

Publisher:: Brill | Nijhoff

Print Publication Date:: 19 Jul 2024

Subjects
- Human Rights and Humanitarian Law
  - Human Rights
- International Law
  - International Commercial, Trade & Investment Law

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Chapter 8 The Use of Inmobilised Assets and Reserves of the Central Bank of Russia: a Perspective from EU Law

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International Sanctions: Monetary and Financial Law Perspectives

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