Frozen assets and large capital exports should be go-to sources for funding a geopolitical transformation
As a victorious Donald Trump brings “America first” ideology back to the White House, leaders across the Atlantic are confronting the reality of “Europe, alone”. They ought to be prepared: for eight years they have openly admitted the need for Europe to stand on its own two feet. Yet they still find themselves caught up short, like pupils having put off their homework to the last minute.
Much better would be to seize the full $300bn or so of Russian state assets. This is in Europe’s hands. Most of it is held captive by EU sanctions in the Belgian securities depository Euroclear, with some in other European institutions . The legal debate has been exhausted, with at least two viable routes to seizure identified: one based on countermeasures against Russia’s breaches of international law, the other on the setting off of reciprocal claims . It comes down to Europe’s political will.
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