France has proposed that European partners use frozen Russian assets to provide security guarantees for Ukraine, three knowledgeable sources have told the Financial Times (FT). According to them, the idea is to confiscate the funds in case Russia violates a future ceasefire agreement. Such an approach would be a way to force Moscow to honor the ceasefire with Kiev, the French officials said. As the FT’s interlocutors noted, Paris’ proposal “was well received by other European allies, but it is far from being agreed.”
French President Emmanuel Macron had previously said it was impossible to confiscate frozen Russian assets because it was against international law. “It is possible to take away dividends from frozen assets, but it is impossible to take away the assets themselves,” Macron explained. He also recalled the decision of the G7 countries (G7) to provide Kiev with a loan of about $50 billion, which will be repaid from future interest on Russian assets. At the same time, Macron emphasized that the future of the blocked funds should be part of the peace talks on Ukraine.
