Efforts to punish Russia for invading Ukraine rely not just on funneling weapons to the beleaguered defenders but also on economic sanctions to deny Vladimir Putin's regime resources and to inflict pain until the aggression stops. Among the targets are "Russian elites and their families," in President Joe Biden's words, whose assets are being seized to pressure the regime. But calling somebody an "oligarch" is no substitute for legal proceedings, and the U.S. government is stretching already sketchy asset forfeiture powers in ways that will, no doubt, create precedents for the future.
"Did you see these yachts we're—that are being picked up?" President Biden boasted this week. "Think about the—the incredible amounts of money these oligarchs have stolen. These yachts are a hundred—millions and millions of dollars."
