Once a prominent investor in Russia, British financier Bill Browder, who was born in the U.S., has become a vehement critic of the Kremlin following the death of his lawyer, Sergei Magnitsky, in a Russian prison in 2009.

Browder is widely recognized for advocating the Magnitsky Act, legislation that allows for sanctions against Russian officials involved in corruption and human rights violations.

Currently, he is calling on Western nations to repurpose the hundreds of billions of dollars in Russian assets that have been frozen overseas to support Ukraine’s defense and rebuilding efforts in the wake of Russia’s invasion.

In an interview with The Moscow Times before an upcoming lecture in Amsterdam, Browder discussed the effectiveness of these measures, his perspective on needed reforms to sanctions against Russia, and his insights into the dynamics between Russian and U.S. leadership.

**The Moscow Times:** The European Union has announced its 19th round of sanctions against Russia, claiming they are significantly impacting the Russian economy. How would you evaluate the effectiveness of these sanctions after more than three years of full-scale conflict in Ukraine?

**Bill Browder:** Sanctions are inflicting significant pain on Russia. The country has committed a serious international crime by invading another nation, and Vladimir Putin is running a campaign of terror against a peaceful country—far worse than what Osama bin Laden did on September 11. The death toll is staggering. There needs to be consequences for such actions, serving both to punish these heinous crimes and to undermine Putin’s capacity to persist as a source of terror. Therefore, sanctions are essential and justifiable.

The real question is whether the existing sanctions have achieved their intended goals. They have indeed generated some punishment, and I’m certain that the Kremlin is resentful of them. However, the Russian economy continues to operate effectively, enabling Putin to amass financial resources that are then utilized for further assaults on innocent civilians. Thus, we must consider how to address this weakness because the current sanctions aren’t fully effective. In my view, the primary issue lies with oil. Oil remains Russia’s main export, generating hundreds of billions annually. If we can find a way to restrict that flow, it would significantly impact Putin’s capacity to sustain his violent campaigns.

**MT:** What insights from the implementation of the Magnitsky Act can we apply today to enhance the targeting and effectiveness of sanctions?

**BB:** The Magnitsky Act has exceeded my expectations by a large margin. I never anticipated that 35 countries would implement it or that it would create challenges not only for Russian human rights offenders but for violators globally, including in China, Iran, and Turkey. The Act is indeed a strong piece of legislation, though it requires certain reforms, especially in countries like Japan and New Zealand, which have yet to adopt it.

In the European Union, while they have a Magnitsky Act, it is poorly structured, as it only addresses human rights abuses and overlooks corruption, which is often closely linked to these abuses. Europe needs to amend this. Moreover, there is insufficient coordination between nations; it would be beneficial if an individual added to one country’s sanctions list were automatically included on others’ lists as well.

**MT:** Western nations currently possess $300 billion in cash and bonds from Russia’s Central Bank. You have argued for utilizing these frozen assets to support Ukraine’s defense and reconstruction. Some European leaders, particularly in Germany, are looking into allocating part of these assets for a loan to Kyiv. How feasible is this?

**BB:** Freezing $300 billion from the Russian Central Bank reserves has proven crucial, especially in the war’s early stages. Russia’s actions have caused approximately $1 trillion in damage to Ukraine, so that frozen money should be confiscated and allocated to Ukraine for its defense or post-war reconstruction efforts. Until recently, it was frustrating that many governments were hesitant to recognize that royalty immunity should not apply to Russia while it violates the sovereignty of its neighbors. However, recent developments, particularly from Germany, suggest there may now be a pathway for using these funds for Ukraine, which is an important step.

I suspect this situation isn’t fully resolved yet. For instance, Viktor Orbán from Hungary has been trying to hinder these efforts within the EU. Nevertheless, this will likely proceed for a straightforward reason: the war’s protraction has led European nations to exhaust their financial resources, and following Trump’s withdrawal, they are now the primary supporters of Ukraine. They will either find the funds from taxpayers in the U.K., France, and Germany, or Putin will bear the financial burden. The latter is a more acceptable scenario for taxpaying citizens.

**MT:** Kremlin spokesperson Dmitry Peskov has stated that such actions “will not go unanswered,” suggesting that Moscow may retaliate by confiscating Western assets in Russia. How might these threats influence Western sanctions policy?

**BB:** Anyone maintaining assets in Russia should expect those assets to be confiscated. I have no sympathy for such individuals within this context, and I can assure you the sums are nowhere near $300 billion.

**MT:** Some analysts suggest that Western nations are experiencing sanctions fatigue. Do you observe signs of this?

**BB:** Even I am feeling some fatigue. The technical nature of EU sanctions lists can become rather mundane. We need more decisive actions; for example, a complete oil embargo, or penalizing anyone who purchases Russian oil, would be a bold and impactful move. Sanctioning officials within government ministries, on the other hand, often lacks clarity and significance for the general public. While such measures aren’t inherently negative, a more audacious approach to sanctions could reinvigorate public understanding of their importance.

**MT:** During Trump’s first term, you frequently mentioned that he was being manipulated by Putin. How do you evaluate the current situation, especially given Trump’s failed efforts to broker peace in Ukraine and negotiate with Putin?

**BB:** Trump operates under the impression that he shares a personal bond with Putin, which he believes should facilitate ending the conflict. However, it’s evident that Putin doesn’t regard that relationship with the same importance and has no interest in stopping the war. Trump’s comments regarding Ukraine are concerning; he has indicated that Ukraine bears some responsibility for the war starting, which is completely disconnected from reality. It’s exasperating for those who value peace and justice to hear such misleading statements from the U.S. president.

**MT:** There are over 1,000 political prisoners in Russia, and last month, Russia officially withdrew from the European Convention on the Prevention of Torture. What actions can Western nations take to support these political prisoners?

**BB:** We encountered a similar situation with Vladimir Kara-Murza, who was sentenced to 25 years in prison for opposing the war and suffered greatly in solitary confinement. The only leverage we had was through a prisoner exchange.

Unfortunately, I doubt there are sufficient political prisoners in the West available for such swaps. Additionally, I believe there is insufficient political will in the West to take action. Many of these political prisoners may not be well-known or foreign individuals. However, if there were ever to be a major ceasefire agreement, it should encompass political prisoners, as they are integral to understanding the terror Putin is inflicting—not just on Ukraine but on his own populace.

**MT:** You begin your latest book by recounting your brief detention in Spain, prompted by the Russian authorities. Has your sense of personal security shifted since the onset of the war?

**BB:** My level of animosity from Putin and the Kremlin hasn’t changed; however, the scope of others they are targeting has surged significantly since the war began, with many Western supporters of Ukraine now in their sights.

I don’t believe I’m any safer, but the Russian government might be spread thinner when targeting opponents abroad. With their focus diverted to others, I gain a slight sense of safety, though it doesn’t mean I can drop my guard. This regime is deadly, and once you’re on their radar, you remain there indefinitely. I continue to take all necessary precautions because I need to rely on luck every day, whereas they only need to get lucky once.

Bill Browder is scheduled to take part in a public discussion at De Balie in Amsterdam on Thursday, October 9. More details and tickets can be found here.