Reparations for Ukraine: Three Proposals from Europe

Author’s notes: This post is made in my personal capacity. The proposals discussed in this post as well as other legal options for securing reparations are discussed in detail in my study for the European Parliamentary Research Service, published on Feb. 23, 2024. The confiscation of Russian State-owned assets, in particular Russian Central Bank (RCB) assets, has been a source of anxiety, creativity, and tension for European States and institutions for two years. Proposals have been generated by the European Commission (representing 27 European Union States) and the Council of Europe (representing 46 member States from across Europe and beyond). Here, I analyze three European proposals that seek to overcome or circumvent the key barrier to confiscation – the high level of immunity from enforcement that attaches to central bank assets in international law. In the U.N. Convention, which is ratified by 13 European States (though is not yet in force) such assets are deemed to be immune. Many European States also have legislation and/or case law providing for a high level of immunity. As a result, European proposals tend to focus on breaking the link between the principal and the profits or interest earned on it. Proposal 1: Windfall...