Muraviev said tapping into the resource sets a precedent that has the potential to undermine investors’ confidence in western financial institutions if such assets could be seized and used.
“There was no established framework that would legitimise such use in the past. This is probably one of the first cases when somebody’s frozen sovereign assets would be used without explicit permission from the owner – basically violating international law,” he said.
He is pessimistic that the move, or more proposed sanctions, would sway Russia to halt its invasion of Ukraine.
“Given that the Russians have (already) survived a tsunami of sanctions, it’s not going to be a massive dramatic turnaround for Moscow this time,” he said.
INTENSIFIED ASSAULTS ON UKRAINE
The Switzerland summit will take place against a backdrop of intensified Russian assaults on Ukraine.
In the past few months, attacks knocked out more than half the country’s power generating capacity, and a ground offensive in the northeast broke open a new war front.
Ukrainians are hoping the summit will unite countries in discussing what matters most to them – peace.
Kyiv is also hoping to frame the end of the war as something that matters not only to Ukraine, but also the rest of the world.
“The war that we have here is not only our Ukrainian war, and I hope that it will become more and more obvious for western politicians that it affects the whole of Europe, and maybe the whole world. Because the bad guys are observing how the US and other countries react,” said a Kyiv resident who only wanted to be known as Alina.
UKRAINE’S PEACE PLAN
Zelenskyy’s 10-point peace formula will take centre stage at the summit.
First announced in 2022, it includes the restoration of Ukraine’s territorial integrity, the total withdrawal of Russian troops, and to punish those guilty of war crimes.
The summit will also focus on three themes in the formula: nuclear safety, food security, and the release of Ukrainian captives and children deported to Russia – issues Ukrainian officials have cited as having the potential to unite countries with differing views.
Throughout the war, thousands of soldiers have been taken captive on both sides, and Kyiv is hoping to discuss an all-for-all prisoner exchange.
The United Nations said more than 16,000 Ukrainian children have been illegally taken to Russia.
It is unclear how effective the summit will be in finding a path to end the 27-month-old war, but Kyiv believes this is the first step in bringing as many countries together to showcase their commitment to peace.
