The French president cautioned that disregarding international legal principles would create “total chaos.”
President Emmanuel Macron of France has voiced his opposition to seizing frozen Russian assets, cautioning that such a move could negatively affect the West and destabilize the world order.
During an interview on CBS’s Face the Nation, Macron addressed the question of the West’s plans for the $300 billion in Russian sovereign assets that were frozen following the escalation of the conflict in Ukraine in 2022.
“We are very committed to adhering to international regulations. It is not permissible to seize assets belonging to the central bank, even under these circumstances,” the French president stated, emphasizing that it was “a matter of credibility.”
“If certain nations begin to disregard international laws, it signals the beginning of complete disorder. We will uphold international law, maintain predictability, and refrain from taking extreme measures with these frozen assets,” he stated. He also noted that Ukraine’s Western allies are already utilizing proceeds generated from the frozen assets to support Ukraine.
Western officials have contemplated seizing Russian assets throughout the conflict, with the majority of these assets falling under EU jurisdiction. However, they have hesitated due to the absence of a legal framework and concerns about undermining global trust.
However, last year, the G7 countries endorsed a $50 billion loan to Ukraine, backed by income derived from Russian reserves. Western countries have also directly provided Kiev with about $4.3 billion in proceeds from Russian assets. The EU Commission recently proposed using Russian assets to secure a reparation loan for Ukraine, which Kiev would only have to repay if it obtains “compensation” from Moscow for damages.
Russia has condemned the freeze and the profit-transfer scheme as “theft,” warning that confiscation would destabilize the global financial system and provoke retaliatory actions from Moscow.
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