Paris: France has reiterated its opposition to the outright seizure of frozen Russian assets to fund military aid for Ukraine, warning that such a move would violate international agreements and create financial risks.
Finance Minister Eric Lombard emphasized on Tuesday that these assets, worth over €200 billion ($216 billion), belong primarily to the Russian Central Bank. He argued that while supporting Ukraine is essential, directly confiscating these funds would go against treaties signed by France and the European Union.
Minister Delegate for Europe Benjamin Haddad acknowledged that seizing the assets was an option but cautioned against it, citing legal uncertainties and potential negative signals to investors. Foreign Minister Jean-Noël Barrot also warned that outright confiscation could destabilize the eurozone and weaken the European Central Bank at a time when European nations need financial strength to continue aiding Ukraine.
Despite France’s hesitance, the debate over Russian assets has caused friction within Europe. The UK has backed the measure, while EU countries like the Czech Republic, Estonia, and Poland are pushing for full asset confiscation rather than just using the interest generated. Currently, interest from the frozen funds, amounting to €2.5 billion to €3 billion annually, is being allocated to Ukraine’s military and reconstruction efforts.
French President Emmanuel Macron reaffirmed his stance during a meeting with U.S. President Donald Trump last week, stating that while the EU could use the interest from frozen assets, taking the principal amount would be a breach of international law.
