Ignoring international law would lead to “the beginning of total chaos,” the French president has said
French President Emmanuel Macron has pushed back against the idea of seizing frozen Russian assets, warning that doing so could backfire on the West and undermine global stability.
In an interview with CBS’s Face the Nation aired on Sunday, Macron was asked about what the West was planning to do with the $300 billion in Russian sovereign assets which were frozen after the escalation of the Ukraine conflict in 2022.
“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,” the French leader said, describing it as “a matter of credibility.”
“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 added, recalling that Kiev’s Western backers are already using proceeds from the frozen assets to prop up Ukraine.
Throughout the conflict, Western policymakers have considered seizing Russian assets – most of which fall under EU jurisdiction – but have so far refrained due to the lack of a legal basis and fears it would damage global trust.
Last year, however, G7 nations supported a $50 billion loan to Ukraine secured by the income from Russian reserves. Western nations have also directly handed over to Kiev approximately $4.3 billion in proceeds from Russian assets. This month, the EU Commission floated a proposal to use Russian assets to back a reparation loan to Ukraine, which Kiev would be obligated to repay only if it receives “compensation” for damages from Moscow.
Russia has denounced both the freeze and the profit-transfer scheme as “theft,” warning that confiscation would damage the global financial system and trigger retaliation from Moscow.
