Finance & economics | Free exchange

What do you do with 191bn frozen euros owned by Russia?

The question that now confronts Western policymakers

A pile of gold bars. From below, a saw is cutting around the floor they stand on
Illustration: Álvaro Bernis

In economic terms, an asset has value because an owner might derive future benefits from it. Some assets, like cryptocurrencies, require a collective belief in those benefits. Others, like wine, will undeniably provide future pleasure, such as the ability to savour a 1974 Château Margaux. Still others, like American Treasuries, represent a claim on the government of the strongest economy in the world, backed by a formidable legal system.

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This article appeared in the Finance & economics section of the print edition under the headline “Treasure hunters”

From the March 2nd 2024 edition

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