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Open to Debate

Should Ukraine Get Russia's Frozen Assets?

Sep 28, 2023

53:15

Snipd AI

A debate on whether Ukraine should receive Russia's frozen assets after the invasion. Arguments for and against the proposal are discussed, including legal, historical, and geo-strategic perspectives. The chapter explores the debate on Ukraine using the assets for reconstruction or as leverage in negotiations. Comparisons are drawn between these frozen assets and reparations after World War II, discussing legal challenges and the need for cooperation. The legal and ethical complexities surrounding the seizure of assets from Russian oligarchs are also explored. The speakers express disagreements on tactics while acknowledging the importance of civil debate.

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Using Russia's frozen assets to fund Ukraine's reconstruction sends a strong signal against aggression and is not unprecedented.

Seizing Russia's frozen assets could undermine the multilateral trading system and the dominance of the U.S. dollar.

Deep dives

The Importance of Funding Ukraine's Reconstruction

Larry Summers argues that Ukraine needs substantial resources to reconstruct its economy and that Russia, as the aggressor, has a moral responsibility to compensate Ukraine. He believes that using Russia's frozen assets is the most viable way to fund Ukraine's reconstruction needs, which are estimated to be over $100 billion. Summers emphasizes that the use of these assets would send a strong signal against aggression and would not set an unprecedented financial precedent. He counters the concerns about the legality of seizing the assets by highlighting legal justifications and support from legal experts.

1.

Introduction

3min

2.

Debate on Seizing Russian Assets for Ukraine

9min

3.

Should Ukraine Get Russia's Frozen Assets?

6min

4.

Comparing Frozen Assets and Reparations After World War II

3min

5.

The Legal and Ethical Aspects of Seizing Russian Oligarchs' Assets

28min

6.

Disagreements on Tactics and Shared Horror

3min

After the Russian invasion of Ukraine in February 2022, economic sanctions led to frozen Russian assets abroad inaccessible and could be relocated to Ukraine. Those arguing yes say it would serve as restitution for Russia’s aggression and compensate for damages and economic disruptions. Those arguing no say relocating the frozen assets could set a concerning precedent, leading to escalated tensions and retaliatory actions. Now we debate: Should Ukraine Get Russia’s Frozen Assets?

Arguing Yes: Lawrence H. Summers, Former Secretary of the Treasury

Arguing No: Benn Steil, Senior Fellow and Director of International Economics at the Council on Foreign Relations

Gillian Tett, Editorial Board Chair and Editor-at-Large US of the Financial Times and Incoming Provost at King’s College Cambridge, guest moderates.

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