To end the war, some argue that Ukraine must make difficult territorial concessions to Russia. People in the United States, after all, do not vote for the president of Russia. The Biden administration has already authorized millions of dollars worth of assets from Russian oligarchs to be transferred to Ukraine. But it has refrained from touching Russia's Central Bank foreign currency reserves, which are estimated to be about $38 billion in the United States alone (and $215 billion in the European Union). As Financial Times economic commentator Martin Sandbu wrote last month, seizing state assets for reparations is an unproven legal strategy.

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