I've been a bit skeptical about seizure of Russian assets, mostly on pragmatic grounds: Seizing a sovereign's money when one is not yet actually at war with the sovereign strikes me as a perilous matter, not quite as much as seizing the sovereign's territory but still a big deal. I was also unsure that this sort of thing is even allowed under generally accepted international law principles.
I personally don't view such principles as binding, when we're talking about disputes among adversaries. (Among friends or at least generally peaceful trading partners, I think they are extremely important, because there are huge practical benefits from everyone knowing the rules and following them.) But I do think that even when dealing with adversaries, there are practical reasons to at least pay some attention to them.
When this came up in conversation last week with my colleague here at Hoover, Philip Zelikow, he told me that such seizure is indeed consistent with international law, though of course that doesn't resolve the pragmatic question of whether it's wise. There's a report on the subject on which he is one of the authors, "On Proposed Countermeasures Against Russia to Compensate Injured States for Losses Caused by Russia's War of Aggression Against Ukraine" (May 20, 2024), which I thought I'd pass along for those of our readers who are interested; naturally, I'll be glad to post serious arguments on the other side as well. An excerpt:
