Seizing Russia’s central bank funds is illegal and unwise

Here’s a bill winding its way through the U.S. Congress that looks great at first blush: the REPO for Ukrainians Act. Or, in full, the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act. I even like the pun on “repossession.”

REPO is bicameral and bipartisan legislation sponsored by the Republican leaders on foreign-policy matters: Jim Risch, the ranking member of the Senate Foreign Relations Committee, and Michael McCaul, chairman of the House Foreign Affairs Committee. Its gist is as bold as it is simple. The law, if it becomes one, would authorize the U.S. president to confiscate billions of dollars owned by the Russian central bank but held in the U.S. and to give that money to the Ukrainians instead.

Since Russian President Vladimir Putin invaded Ukraine last year — in fact, since he seized Crimea and infiltrated eastern Ukraine in 2014 — I’ve been hoping that the West steps up its support of Kyiv, whose troops are fighting so bravely for their national survival. So it’s dismaying that, after an encouraging start, Western resolve is wobbling.