Bill Browder: Seize Putin's Money to Aid Ukraine
Financier and political activist Bill Browder, who spearheaded sanctions against Russia's human rights abuses, is calling for a powerful response to Alexei Navalny's unjust imprisonment, as reported by Dan Alexe.
Speaking to the Flemish economic daily De Tijd, he pinpoints a weapon against Putin: the confiscation of Russia's massive financial assets.
The Kremlin has targeted Browder, labelling him a fugitive criminal, ever since his 2005 deportation from Russia. He ignited a global campaign for sanctions against Russia in the US, UK, EU, Canada, and Australia. This led to the "Magnitsky Act", named for Sergei Magnitsky, a lawyer who died suspiciously in a Russian prison.
Browder believes the only way to hit Putin where it hurts is by seizing his money – approximately $300 billion in Russian central bank assets – and redirecting them to Ukraine. He insists these funds must be sent before year's end, or the potential reelection of Donald Trump could mean "all would be lost for Ukraine."
Euroclear, the European central securities depository based in Brussels, holds the majority of Russia's assets. Its head recently cautioned against asset confiscation, as it could erode market confidence in the euro. France, Germany, and Belgium also oppose the seizure, but support using the assets' profits.
Similar ideas come from former UK Foreign Secretary William Hague, who wrote in The Times: "We are past the point where those assets will ever be returned.” Current British Foreign Secretary David Cameron also raised the possibility of new sanctions against Russia on Monday.
While Euroclear is the world's largest system for settling securities transactions, its CEO Lieve Mostrey warns that blocking Russian funds would be indirect sovereign asset confiscation, potentially triggering legal battles.
The debate highlights a dilemma: even tyrants and regimes that assassinate their citizens must be held accountable to international rules.
Translation by Iurie Tataru
