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](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20240302_FND000.jpg)
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”
Finance & economics March 2nd 2024
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