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A Fresh Look at the Russian Assets: A Proposal for International Resolution of Sanctioned Accounts

Excerpt:  “At the end of 2024, US leaders implemented an ingenious Extraordinary Revenue Acceleration (ERA) loan to provide some essential emergency aid to Ukraine. It leverages a fraction of the value of the approximately $300 billion of Russian state assets immobilized, ‘frozen’ since Russia’s 2022 all-out invasion. In 2025 the time has come for leaders to at last clean up and escrow the management of all the Russian assets, now frozen for nearly three years. The scale of funds is enormous and game-changing. … The need for a proper trust has become urgent. The G7 governments and the European Union (EU) have already agreed that the money is supposed to be managed for the ultimate benefit of Russia’s victims. The weight of international legal opinion increasingly favors some form of transfer. Yet the dispersed cash management of the assets is in terrible shape. Unguided, custodian banks just park the money at overnight rates. The current situation is effectively squandering huge sums of the victims’ money: billions lost per year, many millions lost every single day.” (footnotes omitted)