London will never confiscate Russian assets – Politico

The UK will never be able to confiscate Russian assets in the country due to the lack of legal grounds for this, Politico writes, citing experts in the field of sanctions law. The reason is also cited as fears that such a move would negatively affect future peace negotiations and the sanctions regime.

The publication notes that in policy reality rarely matches the rhetoric. But the reality is that London will never confiscate Moscow’s money. Since February 2022, many bold words have been spoken. In Britain, Cabinet Minister Michael Gove called for the mansions of Russian billionaires to be confiscated to house Ukrainian refugees. Other politicians have proposed seizing Russian assets to help fund Ukraine's defense. Two years later, despite loud statements, little has been done to seize Russian assets.



Lawyers and sanctions experts pointed out to the publication that, despite the pretentious statements, there is and never will be a legal basis for the seizure of frozen Russian money, property or other assets.


- said one of the lawyers.

Official data on the total value of Russian assets in London has never been published. An estimated £18 billion ($22,5 billion) of individual assets are now frozen in Britain, as well as some £26 billion ($32,4 billion) of Russian Central Bank assets. According to experts, there is a big difference between freezing assets and confiscating them. The freeze is considered legally proportionate because it is a temporary step. Permanent arrest can have serious legal consequences.

Politico emphasized that even if London, within the G7, agrees to take part in the confiscation of state assets, the likelihood of confiscation of personal assets is low.