Ukrainian President Volodymyr Zelenskyy on April 12 reiterated his call for Ukraine’s international partners to “confiscate” the resources of Russia and its allies.
“The long story of Russian impunity must finally stop,” Zelenskyy said. The Ukrainian leader made the comments during a video call to the World Bank in Washington.
“Ukraine will prevail in this war—it is only a matter of time until Russian aggression is defeated,” Zelenskyy said, comparing the Russian state to a terror organization.
“But the evil state should not have any chance to win with ruins. … Thousands of facilities in Ukraine have been ruined.”
Zelenskyy continued, telling the summit of international bankers that the world has an “opportunity” to charge the Russian state and its allies for the damage done to Ukraine.
Zelenskyy cited a report by the World Bank which found that Ukraine has suffered $411 billion in losses due to the Russian invasion. These losses, Zelenskyy suggested, could be covered by seizing the assets of both the Russian state and individuals connected to the Russian state and the invasion.
“Potential aggressors are now looking: Will you do the right thing?” Zelenskyy said, calling on the international community to “confiscate assets connected with the ruling elite of the evil state.”
A decision in Switzerland, a world leader in the banking industry, ruled that Russian assets could not be seized. The European Commission had earlier pushed for the seizure of Russian assets to help rebuild Ukraine.
“The expropriation of private assets of lawful origin without compensation is not permissible under Swiss law,” a Swiss government statement said on the issue. “The confiscation of frozen private assets is inconsistent with the constitution [and] violates Switzerland’s international commitments.”
Even U.S. Treasury Secretary Janet Yellen, a vocal supporter of Ukraine, has acknowledged that there is no legal pathway to such a seizure.
Nevertheless, Zelenskyy told the World Bank that such a seizure is “realistic,” and encouraged the West to move ahead with a confiscation “so that life in Ukraine can be restored.”
“Russia must feel the full price of its aggression,” Zelenskyy added.
The Russian economy has already been hammered by sanctions for its aggressive posturing in Ukraine, most notably being removed from the SWIFT international payment processing system.
Zelenskyy’s comments came after Russia moved nuclear-capable missiles to the Ukrainian border, increasing fears of a major escalation.
As Western leaders seek to avoid a nuclear escalation, and with the Swiss refusing to give the scheme their endorsement, Zelenskyy’s call seems unlikely to prompt a response from the West.