More than three years into Putin’s full-scale invasion of Ukraine, our European allies are reconsidering whether or not frozen Russian assets, totaling $300 billion on the continent, can be used to help Ukraine. As part of a broader brought about by the Trump Administration, Western countries are finally prepared to act in concert to overcome financial concerns, investment retaliation, and collective action challenges in supporting Ukraine. In addition, the Cuba-oriented Helms-Burton Act provides useful precedent for the options on the table to further pressure the Russian economy. With the noose tightening via proposed oil sanctions, potential Tomahawk missiles, and mobilized transatlantic support for Ukraine, what choices does Putin have left? Will he be forced to face the music? And what will ultimately bring him to the negotiating table?

Stephen Rademaker currently serves as Senior of Counsel at Covington and Burling LLP, helping clients navigate international policy, sanctions, and CFIUS challenges. With over 20 years of experience working on national security issues in the White House, the State Department, and the U.S. Senate and House of Representatives, Stephen served as an Assistant Secretary of State from 2002 through 2006 and headed three bureaus of the State Department, including the Bureau of Arms Control and the Bureau of International Security and Nonproliferation.

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