French President Emmanuel Macron has issued a warning against the seizure of frozen Russian assets, emphasizing the importance of compliance with international law to avoid global instability.
In an interview with CBS’s Face the Nation, Macron highlighted the risks associated with violating international norms, stating that such actions could lead to a ‘beginning of total chaos.’ He argued that the adherence to legal frameworks is not only a matter of credibility but also crucial for maintaining trust among global partners. The French leader noted that while the West has already begun utilizing proceeds from frozen Russian assets to support Ukraine, the broader utilization of these funds remains a subject of legal and diplomatic scrutiny.
Throughout the conflict, Western policymakers have considered seizing Russian assets—primarily under EU jurisdiction—but have so far refrained due to the lack of a legal basis and concerns over damaging global trust. Last year, G7 nations supported a $50 billion loan to Ukraine, secured by the income from Russian reserves. Western nations have also directly handed over approximately $4.3 billion in proceeds from Russian assets to Kiev. 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 rejected these measures, calling the freeze and the profit-transfer scheme ‘theft.’ Moscow has warned that such actions could damage the global financial system and provoke retaliatory measures. This ongoing debate underscores the complex interplay between financial strategy, legal compliance, and international relations in the context of the Ukraine conflict.