Russia’s assault on Ukraine has become a brutal war of attrition — militarily but also economically and socially. Russian President Vladimir Putin recognizes the nature of this struggle. Ukraine, having lost one-third of its GDP, with one-third of its population already displaced and the lights flickering on and off, could win battles and still lose the war.
Ukraine’s allies have rallied to its aid with armaments, but they have faltered on the decisive economic front. Using the approximately $300 billion in Russian central bank assets that were frozen by Western governments at the war’s onset would show Putin he cannot outlast Ukraine and the West economically. There is elegant justice in using Russia’s state funds, now lying idle, to counter the costs of Moscow’s destruction. Plans have been prepared, with ways to avoid corruption and linked to the European Union. That would be a strategy of hope. READ MORE