Should Ukraine Get $200 Bn of Seized Russian Assets? Yes, Says the Mahabharata

Europe is trapped in a moral hazard. With US President Donald Trump pulling support to Ukraine, Europe must plug the gap. But Europe simply does not have enough cash.

Hey, wait, Europe’s holding over $200 billion (nearly Rs 18 lakh crore) of seized Russian assets — the bulk of them in Belgium.

As long as former US President Joe Biden’s dollars were flowing in, European leaders had the luxury of prevaricating. The big boys – the UK, France, and Germany – opposed any confiscation of Russia’s frozen $200 billion. It was against international law and could undermine the confidence of other investors – for example, China, the Gulf States, India, and Brazil – in holding Sterling/Euro assets.

Besides, they feared Russian retaliation, as Putin could expropriate European government and corporate assets on his soil. Russian President Vladimir Putin’s already declared hostile intentions against Wintershall Dea (German gas operator), Uniper, Fortrum, Renault, Carlsberg, Danone, and Unilever, to name a few of the vulnerable entities.

In the past, European countries have created a grey blur to resolve this dilemma. They’ve used a somewhat clever (specious?) distinction between the principal amount seized and the income/profit generated on these sequestered assets, which is several billion dollars annually. This income, it’s argued, is being generated within European jurisdiction, so it can be “repurposed” according to domestic laws. What’s more, this income/profit is subject to European taxes, which is unarguable.

So European leaders gave Ukraine a $50 billion loan in 2024, duly securitised by the future profit/income accruing on seized Russian assets. This, everybody believed, was done with a clean conscience.

As Trump sees it, if Ukraine desperately needs cash, then $200 billion of Russian assets are sitting tantalisingly in Belgium, within easy reach.

The UK, once a conscientious objector, is loosening up. It’s getting ready to appropriate nearly $3 billion by selling Russian oligarch Roman Abramovich’s stake in Chelsea FC. While France’s National Assembly has validated seizures, the Emmanuel Macron government is still demurring. The Germans, though, continue to be most apprehensive.

It got me thinking. Is there a historical (mythological?) parallel that could illuminate the path forward for Europe. Yes, and it dates back 5,000 years, to the wisdom of Lord Krishna in the Mahabharata!

I am not kidding. There’s a striking similarity between Putin and Duryodhana, the cruel chief of the Kauravas. Also, between Zelensky and Arjuna, the most charismatic of the Pandavas.

Duryodhana had illegally usurped the throne of Hastinapur from the Pandavas, who were the rightful heirs. His lust for power was supreme; he chose to launch a brutal, fratricidal war than do a reasonable compromise. Eerily, Putin’s done the same to Ukraine.

Even though Ukraine was a distinct, free, and independent country until the 18th century, Putin believes just two centuries of forcible occupation has given Russia a sovereign claim over it.

What can Europe and Ukraine learn from Day Nine of the Kurukshetra War in the Mahabharata? Remember that Bhishma Pitamah, the mighty warrior who was commanding the Kauravas, was wreaking havoc on the Pandavas. But Bhishma Pitamah was a reluctant conqueror. He loved and respected the Pandavas; Bhishma knew they were victims of Duryodhana’s deceit.

However, Bhishma had taken a vow of loyalty to the Throne of Hastinapur, so felt duty bound to defend the extant rulers, who, by default, were Duryodhana and the Kauravas.

So, after the battle ended on Day Eight, Bhishma Pitamah, the tragically conflicted colossus, told the Pandavas how they could defeat him: “Shikhandi was born a woman and later became a man. To me, he is still Amba, whom I had wronged in my past. I shall never raise my weapon against him. If Shikhandi leads the attack and you, Arjuna, fire your arrows from behind, I will not resist. That is how you can bring me down”.

Lord Krishna went into battle on Day Nine, confident that Bhishma Pitamah would be felled, and the Pandavas would win; but he ran smack into a visibly remorseful Arjuna.

Arjuna: “How can I raise my bow against the man who taught me how to wield it? How can I strike down the man who has protected me since childhood?”.

Lord Krishna: “In war, deception and strategy are not deceit – they are wisdom. Bhishma himself has told you that as long as he fights with full might, he cannot be defeated. But he has a weakness – Shikhandi. Use that knowledge, let Shikhandi lead the attack, and strike Bhishma when he is vulnerable. This is not treachery, but justice”.

I think Zelensky should flag Day Nine and gift copies of the Mahabharata to key leaders of Europe. He should boldly highlight “This is not treachery, but justice”. Europe could then transfer $200 billion of seized Russian assets to Ukraine’s central bank.