Since the reserves in question are Russian state property — unlike the assets of oligarchs — they are not shielded by the usual protections our legal system affords private property. The Fifth Amendment’s guarantee against government seizure of property “without due process of law” applies only to “persons” — not foreign governments — as the Supreme Court suggested in 1992 and multiple federal courts have since held. Protections against the “taking” of property without “just compensation” likewise apply only to “private property,” a category that clearly excludes Russia’s sovereign reserves, even if they are conveniently parked within the United States and in dollars.

The Russian government would no doubt complain bitterly that liquidating its currency reserves was “thievery,” just as it did with the existing sanctions. But Russia’s continued violation of the most basic principles of international law and human rights — and the Ukrainian people’s dire needs — must count for more than its self-serving rhetoric.