Freezing, Confiscation or Management: Economic Sanctions Against Russia and the Fate of the Assets of the Russian Central Bank

As the most powerful measure of economic sanctions against Russia which invaded Ukraine, the Western States froze the assets of the Russian Central Bank which are situated in their States. This article attempts to clarify the legality of the freezing, confiscation and management of assets under international law. The freezing of assets can be justified as countermeasure against aggression. Confiscation can be lawful only if certain conditions are satisfied. Management is a realistic option which avoids the legal risks which might arise from confiscation.