Loading ...Russia prepares to take the West to court if it tries to seize the CBR’s frozen money
Western governments have the ability to freeze the money, but thanks to Western property rights technically the money remains the property of the Russian government. The only way Western can seize the money under current rules is if the West declares war on Russia.
The legal route has long been considered by top Russian officials, with central bank Governor Elvira Nabiullina expressing preparedness to challenge the freeze in July. In a December interview, she criticised it as a violation of basic reserve security principles.
Russia’s potential legal avenues include appealing to the International Court of Justice in The Hague, the US District Court for the Southern District of New York and the EU’s Court of Justice in Luxembourg, according to Sergey Glandin, a Moscow-based partner specialising in compliance and sanctions law, Bloomberg reports.
Good luck with that approach. I’m quite sure Russia is resigned to the theft of their money. I’ve read that there are enough western assets frozen in Russia to cover the loss. I must say, I got a chuckle when the US District Court for the Southern District of New York was mentioned. Is there a more corrupt jurisdiction in the wide world?
Russia Braces for $300 Billion Loss as US Eyes Loophole to Fund Ukraine
https://webcache.googleusercontent.com/search?q=cache:CUYbvTiWir0J:https://www.newsweek.com/russia-sanctions-frozen-lost-1860772&hl=en&gl=us