Macron Warns Against Confiscating Russian Frozen Assets
French President Emmanuel Macron has warned that confiscating Russia’s frozen assets could lead to unintended consequences that may destabilize the West, amid ongoing discussions about the $300 billion in Russian state assets locked in the wake of the 2022 military escalation in Ukraine, reports 24brussels.
During a press briefing, Macron emphasized the importance of adhering to international laws regarding these assets. “We are all very much attached to being compliant with international rules. You cannot seize these assets from the central bank, even in such a situation,” he stated.
Macron framed the issue as one of credibility, asserting, “When some countries start to disrespect international laws… this is the beginning of a total chaos. So we will respect international law. We are predictable, and we will not do all impossible things with these frozen assets.” He noted that Western support for Ukraine has already seen funds from these frozen assets allocated to support the Ukrainian government.
This statement follows remarks from Ukrainian President Volodymyr Zelensky, who indicated a recent discussion with Macron regarding the potential of seizing Russian assets. The ongoing debate among Western leaders about the legality and implications of seizing Russian assets has been fueled by concerns about the erosion of international trust.
The European Commission has recently proposed a framework to utilize frozen Russian funds to underwrite a reparations loan to Ukraine, which would only be repaid if Russia compensates Ukraine for the damages incurred during the conflict. This initiative builds upon a $50 billion loan that G7 countries approved for Ukraine last year, which is secured by Russia’s frozen reserves.
Moscow has condemned both the asset freezes and proposals aimed at redirecting these funds as “theft,” warning that such actions could destabilize the global financial system and provoke retaliatory measures against the West.
As debates continue within European capitals about the nature and future of these frozen assets, Macron’s statements underscore the complex interplay between international law, financial ethics, and the pressing need for support for Ukraine amidst an ongoing conflict.