Financial Sanctions and Asset Confiscation: From Freezing to Seizing Assets

What is it about?

The article delves into the intricate legal landscape of targeted financial sanctions and asset confiscation. It highlights the growing use of financial sanctions by entities such as the UN, EU, and individual countries to achieve political and security goals. The article examines the legal frameworks and state practices related to the confiscation of frozen assets, especially during wartime or in response to sanctions violations. It discusses the challenges and legal debates surrounding these measures, including issues of state immunity and international law. Additionally, the article explores recent proposals to use profits from immobilized assets for purposes like Ukraine’s reconstruction. Overall, it provides a comprehensive analysis of the evolving legal and practical issues in financial sanctions and asset confiscation.

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Photo by John Vid on Unsplash

Photo by John Vid on Unsplash

Why is it important?

The book chapter provides a thorough examination of the legal frameworks and state practices surrounding the confiscation of frozen assets. The chapter’s detailed analysis helps readers grasp the complexities and nuances of these legal measures. Moreover, it includes specific examples and case studies, such as the United States’ use of the Trading with the Enemy Act and Ukraine’s recent laws on asset confiscation. These real-world examples illustrate how different countries implement and navigate the legal challenges associated with financial sanctions and asset confiscation.

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