Macron opposes seizure of Russian frozen assets, citing 'respect' for international law
Confiscating frozen Russian assets would constitute a violation of international law, French President Emmanuel Macron said in an interview with CBS News aired on Sept. 21.
At the start of Russia’s full-scale invasion in 2022, the Group of Seven (G7) countries froze approximately $300 billion in Russian central bank assets, with about two-thirds held by the Belgian clearinghouse Euroclear.
European governments and G7 allies have been exploring ways to generate revenue from these immobilized funds without outright seizing them, which would have legal and political ramifications.
"You cannot seize these assets from the (Russian) Central Bank even in such a situation. And I think it's a matter of credibility, and it's very important that our countries remain... and do respect the international laws," Macron said.
"So we will respect international law. We are predictable, and we will not do all impossible things with these frozen assets."
Brussels has been reluctant to confiscate assets outright due to potential fiscal and legal pitfalls. Instead, it uses the profits generated by the assets to fund Ukraine's defense and reconstruction via the $50 billion G7 loan and a separate EU program.
In recent months, there have been mounting calls for the EU to pursue more radical ways of using the profits for Ukraine's benefit, such as through riskier investments.
Earlier in September, European Commission President Ursula von der Leyen said that the EU could provide Ukraine with a reparations loan funded by cash balances associated with the frozen Russian assets.
