Sanctions have caused serious disruption to Russia’s economy and if kept in place will impair its performance for years. Even so, their limitations are clear
. They could then be used to pay for the reconstruction that lies ahead.
Start with the rule of law. In America the president has the authority to freeze a foreign government’s assets but not typically to seize them unless America is at war with that country. Ever since Russia invaded Ukraine, President Joe Biden has been at pains to say America is not in open conflict with it. The executive branch can transfer control over certain foreign assets when it stops recognising a country’s government, as with some funds that belong to Venezuela and Afghanistan.
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