France opposes confiscation of Russian assets, cites economic risks

French authorities have expressed reservations about the idea of confiscating Russian assets, despite ongoing discussions surrounding the matter.

Minister-Delegate Sophie Prima, the official spokesperson for the French government, clarified the position during an appearance on Sud Radio, stating that so far, France does not support it, Caliber.Az reports.

She cautioned that such an action could have "systemic effects" on both the French and EU economies, given that European banks hold assets from many non-European countries, which could lead to broader financial repercussions.

The debate over the confiscation of over 200 billion euros worth of Russian assets has been a contentious issue in Europe. The United Kingdom has long supported the measure, while France remains more cautious. In line with this, French Economy Minister Eric Lombard previously voiced his opposition, arguing that the frozen Russian assets “belong precisely to the Russian central bank.” He also pointed out that confiscating these assets would violate international treaties signed by both France and the EU.

French European Affairs Minister Benjamin Haddad echoed similar concerns, suggesting that while seizing frozen assets remains a potential tool, it raises “legal questions” and could set an unwanted “economic precedent.” He further expressed caution about the potential signals such an action might send to investors.

French Foreign Minister Jean-Noel Barrot also weighed in, highlighting that billions of euros from frozen Russian assets were already being directed towards Ukraine. However, he stressed that outright confiscation of these assets posed significant financial risks for the eurozone and the European Central Bank. Barrot explained that weakening member states' economic stability would undermine efforts to support Ukraine at a crucial time.

Currently, EU nations are using the interest income generated from frozen Russian assets to support Ukraine, including financing reconstruction projects. This amount is estimated to be around 2.5-3 million euros annually.

The issue has caused some tension between France and the UK. French President Emmanuel Macron also raised concerns about the legality of confiscating Russian assets during a meeting with US President Donald Trump at the White House. “You can take away the proceeds of frozen assets, but you can't take away the assets themselves because this is against international law and we want to respect international law,” Macron remarked.

By Tamilla Hasanova