France is resisting calls to seize frozen Russian assets for Ukraine aid, warning that confiscation would violate international law, destabilize the eurozone, and set dangerous economic precedents.
France Warns: Seizing Russian Assets Could Wreck Europe's Economy
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France Stands Firm Against Seizing Russian Assets for Ukraine Aid
France remains opposed to seizing frozen Russian assets to fund military aid for Ukraine, warning that such a move would violate international agreements and create economic instability. French Finance Minister Eric Lombard reaffirmed this stance on France Info radio, stating: “France’s position is that these Russian assets… belong notably to the Russian Central Bank.” He further warned:
This will be a step that contradicts the international agreements signed by France and the European Union … I would like to remind you that we are not in a state of war with the Russian Federation.
The debate over more than 200 billion euros ($216 billion) in frozen Russian assets has intensified as tensions between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy have led to the suspension of U.S. military aid to Ukraine. With Europe under increased pressure to support Ukraine financially, Britain has reinforced its call to move beyond freezing Russian assets and instead seize them outright. However, French officials argue that such an approach poses significant risks.
Minister Delegate for Europe Benjamin Haddad warned: “It still raises legal questions and questions of economic precedent, of the messages sent to investors.” France’s resistance contrasts with the position of the United Kingdom, which strongly supports confiscating the assets rather than just using the interest they generate.
French Foreign Minister Jean-Noël Barrot echoed these concerns, cautioning:
The pure and simple confiscation of these assets would represent too great a financial risk for the eurozone, for the European Central Bank, which would weaken member states at a time when they must be as strong as possible to support Ukraine.
President Emmanuel Macron has firmly upheld France’s opposition, reiterating during a White House meeting with Trump: “You can take the proceeds of the frozen assets but you cannot take the assets themselves as this is not respecting international law and we want to respect international law.” Lombard also suggested that some of the assets might be used in a settlement agreement but maintained, “they cannot be confiscated.” Meanwhile, the Financial Times reported that France has suggested that confiscation could be considered if Russia violates a ceasefire agreement, but the European Union remains divided. Kremlin spokesman Dmitry Peskov warned that Russia would retaliate against any attempt to confiscate its assets, further complicating the issue as European nations debate the next steps in supporting Ukraine.
