It is time to use Russia's frozen assets to help Ukraine

An estimated 350bn in Russian government assets have been frozen in Western accounts since Russian President Vladimir Putin ordered a full-scale invasion of Ukraine on February 24, 2022. These are not idle funds. In 2023, Belgium-based financial services company Euroclear, whose settling and clearance role mean that it holds 197 billion euros ( 214bn) in such assets, reported that they produced at least 3 billion euros ( 3.26bn) from interest. Given that the sanctions on the Kremlin remain firmly in place and Putin has shown no willingness to negotiate on his demand to annex one-quarter of Ukraine's territory or to cease his attacks, how these assets can be harnessed to push for an end to the war or help Ukraine resist has become a key question for Kyiv's Western allies. British Foreign Secretary David Cameron publicly opened the doors to the idea last December by stating: "Instead of just freezing that money, let's take that money, [and] spend it on rebuilding Ukraine."