International lawyers will try confiscating up to $1T in Russian assets.
According to Bloomberg, a group of Western lawyers has decided to collect up to $1 trillion from Russian companies and citizens who have been subject to sanctions. Lawyers led by the firms McCue Jury & Partners and Mishcon de Reya LLP are currently looking for money to initiate legal proceedings and enable asset confiscation. The group of lawyers call themselves the Ukraine Justice Alliance. The trials are expected to be difficult and lengthy. A large part of the assets is located in opaque offshore jurisdictions, so their extraction will be a long, complex process with little legal precedent. The situation is complicated because about 20 Russians who have been subject to sanctions have challenged the imposed restrictions in the European Court of Justice. So far, the lawyers have already identified assets worth $200B.