Central bank assets enjoy ‘99%’ immunity

Why central bank assets possess legal immunity – but not from sanctions

Bank vault

In 2012, a vulture capital fund seeking to collect on Argentine bonds tried to seize an Argentine Navy training vessel, the sailing ship Libertad, in a Ghanaian port. The fund, NML Capital, obtained a Ghanaian court order holding the Libertad and its crew.

NML Capital never got a chance to diversify into global maritime power. The International Tribunal for the Law of the Sea ordered Ghana to release the Libertad, saying that “in accordance with general international law, a warship enjoys

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