Designing Sanctions

Maximilian Strobel

How International Law Shapes the EU’s Use of Russian Central Bank Reserves

Timeframe: 24/02/2022 – 28/04/2026

European Union (EU) · Sanctions Policy · Issue I

Key Insights

• To what extent does international law constrain the EU’s use of Russian central bank reserves? This article argues that sovereign immunity and the limits of countermeasures not only restrict the EU’s action but directly shape its sanctions design. It concludes that outright seizure of assets would likely be unlawful, and that any financial sanctions must be designed around the limits of international law.

Definition

Countermeasures refer to non-forcible measures taken by a State in response to an interna-tional wrongful act of another State, aimed at achieving cessation or reparation.

The EU’s approach must be understood not as an attempt to seize these assets, but as an effort to achieve similar economic effects while remaining within these legal limits.

Documents: 📂 Source Document