Unless other factors that policymakers are privy to suggest otherwise, the notion that confiscating Russian state assets will meaningfully change this state of affairs is open to doubt. The Ukrainian government, however, has a different view: confiscation of Russian assets is central to its proposal for an International Claims Commission for Ukraine.
Legal Challenges Of course, this discussion would be moot if confiscating central bank assets were indeed a legal impossibility. It is not. There are two main sets of rules that are likely to constrain legislatures should they wish to authorize permanent seizure of Russian state-owned assets.
The first of these is domestic constitutional rights especially in the United States or human rights guarantees especially in European states , such as those that deal with the right to property or due process. The second is international law, and in particular the law of sovereign immunities. The applicability and effect of relevant constitutional and human rights provisions have to be analyzed in each country contemplating confiscation.
In the United States, for instance, the current orthodoxy is that foreign states are not entitled to due process protections, although this view has recently been subject to doubt. Under international law, several viable options exist for overcoming sovereign immunity barriers, as identified by various commentators and summarized in a policy paper I co-wrote. For states that have valid investment treaties with Russia, of which the United States is not one, analysis of their implications may also be required.
So far, we have seen little attempt by governments to use the room for maneuver that these rules provide. Senate Judiciary Committee. This is notwithstanding that due process concerns are likely to be greater in relation to private property. Commendably, the U. The main concerns over confiscation of state assets hinged on a reticence to create an unfortunate precedent that could be misused in other contexts. This speaks to the legitimate concern that potential confiscation of state assets be limited to exceptional circumstances and not resorted to lightly, so as to minimize disruption to international finance.
That would require careful legislative drafting. So far, Canada is the only country that has revamped its sanctions laws to enable confiscation of frozen public and private assets alike. Tunisian bond spreads - the premium investors demand to buy the debt rather than U.
Its currency, the cedi, has lost nearly a quarter of its value this year and it was already spending over half of tax revenues on debt interest payments. On Kenya, Egypt, Tunisia and Ghana, Moody's David Rogovic said: "These countries are the most vulnerable just because of the amount of debt coming due relative to reserves, and the fiscal challenges in terms of stabilising debt burdens.
The Pakistani rupee has weakened to record lows. Bond spreads have topped 1, bps.
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