Frozen Russian assets will soon pay for Ukraine’s war

After Russia destroyed the Trypilska power plant on April 11th, Ukraine blamed a lack of anti-missile ammunition. The country’s leaders are also desperate for more financial support. The two shortages—of ammunition and money—reflect different constraints among Ukraine’s allies. Whereas the lack of ammunition is mostly the product of limited industrial capacity, the lack of money is the product of limited political will.

In one area, though, there are signs of progress: over what to do with Russia’s frozen assets. After Vladimir Putin invaded Ukraine, Western governments quickly locked down €260bn-worth ($282bn) of Russian assets, which have remained frozen ever since. Proposals about what to do with them have ranged from the radical (seize them and hand them over to Ukraine) to the creative (force them to be reinvested in Ukrainian war bonds). Until recently, none has found widespread favour with Western governments.