On the 24th of February 2022, Russia undertook the largest land invasion into a sovereign state since World War II. The unprecedented move was met with a swift deployment of economic tools to deter...Show moreOn the 24th of February 2022, Russia undertook the largest land invasion into a sovereign state since World War II. The unprecedented move was met with a swift deployment of economic tools to deter the invasion and increase Russia’s costs of sustaining the military effort in the long term. As a result of this economic warfare between Russia and the Global North, sovereign assets of more than 300 Billion US Dollars belonging to the Russian Central Bank (RCB) have been frozen. This constituted the largest seizure of sovereign assets since World War II. As of June 2024, calls in the United States and the European Union to use the RCB assets for Ukraine’s military and humanitarian efforts have only been amplifying. These voices neglect international legal perspectives- specifically from the Global South- which highlight the discourses on sovereign immunity and countermeasures. These voices probe the following questions: What do the RCB sanctions mean for the existing sovereign immunity regime? What is the validity of the countermeasures doctrine with regards to the RCB? And most importantly, what do such measures mean for Western financial hegemony? This thesis encapsulates all these legal discourses by asking the question: What is the legality of the Global North states’ sanctions against the Russian Central Bank?Show less
The concept of sovereignty is increasingly challenged by the emergence of sui generis states that do not fit into the conventional nation-state definitions. This thesis looks into Taiwan’s trade...Show moreThe concept of sovereignty is increasingly challenged by the emergence of sui generis states that do not fit into the conventional nation-state definitions. This thesis looks into Taiwan’s trade agreements to better understand how they reflect and affect its sovereignty as a sui generis state. Through a qualitative, doctrinal analysis of Taiwan’s Free Trade Agreements (FTAs), Economic Cooperation Agreements (ECAs) and Economic Cooperation Framework Agreement (ECFA) with mainland China, the research explores the legal and political tools Taiwan uses to maintain its sovereignty. Findings show that through its FTAs and ECAs, Taiwan uses economic diplomacy to gain international support and assert its sovereignty. However, its ECFA with mainland China highlights how it has to balance between economic benefits and political sovereignty. Moreover, this thesis emphasizes Taiwan’s distinct position among sui generis states as its advanced economy and democratic government set it apart from other entities with comparable goals. Despite this, the study offers valuable insights for other sui generis states on how to handle the challenges of limited recognition and use of economic diplomacy to strengthen international legitimacy.Show less
Ever since the Asian Financial Crisis of 1997, China has been amassing foreign exchange reserves. Since 2007 it has been strategically deploying these reserves internationally to buy foreign assets...Show moreEver since the Asian Financial Crisis of 1997, China has been amassing foreign exchange reserves. Since 2007 it has been strategically deploying these reserves internationally to buy foreign assets using so-called Sovereign Leveraged Funds. Some scholars claim most of these investments were not part of a well-defined grand strategy, but a crisis-induced necessity. Others claim it was part of a grand strategy. There is, however, a consensus on both sides that the Silk Road Fund indeed has a strategic goal, but theoretical justification for this consensus is lacking. Using the case of the investment in the Port of Rotterdam, which is part of the Silk Road Fund, I research whether the leveraging of foreign exchange reserves can be explained by combining the theories of economic statecraft and geoeconomics in order to address implications that can be drawn from this. The findings indicate that the Chinese state is hiding behind commercial actors, and simultaneously aligning the commercial and strategic interests to gain strategic power internationally, aided using the leveraging of foreign exchange reserves.Show less
