Page 13 - RusRPTApr24

avoided a major reshuffle in recent years but during his fifth term he could set the foundations for his eventual succession, in 2030 or 2036. It’ll be important to keep an eye on these appointments to assess how this is shaping up and how much power Putin intends to wield from behind the scenes.
Liam Peach Capital Economics
2.3 Seizing the CBR money is illegal
A threat on X by Izabella Kaminska senior financial editor at Politico explaining why seizing Russia's assets is a crossing the Rubicon moment for the West.
1/ Property Rights.
The principle that forfeiture of property before conviction is illegal is one of the longest and most cherished in the Western capitalist tradition. It underpins the basic dimensions of our democratic society. As Wiki notes, the US Constitution's Fifth Amendment guarantees that "no person shall be deprived of life, liberty, or property, without due process of law", a phrase that was derived from Magna Carta.
It was instituted in large part to protect citizens from the overreach of the state.
Due process includes the observation of habeas corpus, the idea that everyone is innocent until proven guilty.
2/ State and central bank immunity.
Ah, you may think. These are not the assets of individuals. These are mainly state assets of either the Russian central bank, the Russian Finance ministry or the Russian Sovereign Wealth fund (though, actually, there are also Russian bank assets and individuals in the mix). Seizing their assets is entirely different.
Well no. The principles of sovereign and central bank immunity are, arguably, even more entrenched in the system.
Take as an example the case of the Afghanistan Central Bank (DAB). On February 21, 2023, the United States District Court for the
Southern District of New York held that DAB is a central bank entitled to jurisdictional
immunity under the Foreign Sovereign Immunity Act and that the court is constitutionally constrained from permitting creditors to seize DAB funds.
13 RUSSIA Country Report April 2024 www.intellinews.com