
French MPs call for confiscation of 200 billion euros of frozen Russian assets
MPs Benjamin Haddad (Renaissance) and Julien Bayou (Europe Ecologie-Les Verts) call in a proposed resolution for the confiscation for the benefit of Ukraine of nearly 200 billion euros of Russian assets frozen within the Union European Union, on the eve of the visit to France of the Ukrainian President, Volodymyr Zelensky.
“Following the invasion of February 24, the economies of the G7 and the European Union took the decision to freeze the sovereign assets of the Russian central bank on their soil. It is estimated that, of the 300 billion euros frozen, almost 200 billion are within the European Union. These frozen Russian assets represent a significant financial windfall which must be mobilized for the support and reconstruction of Ukraine.write the two deputies, respectively president and vice-president of the France-Ukraine friendship group.
France must, first of all, modify its legislation to allow the confiscation of these assets on its territory, in particular the Sapin 2 law of December 9, 2016, they argue. It must then act to promote this “solution of pragmatism and justice for the benefit of Ukraine” at the level of the European Union and in all Member States, they ask.
The European Union announced at the end of January that it had reached agreement on the first stage of a plan to allocate revenues generated by frozen Russian assets to the reconstruction of Ukraine.
The option of confiscating frozen Russian assets and devoting this money to Ukraine’s reconstruction efforts is ruled out by the European Commission and member states, because it would risk shaking international markets or weakening the euro and presents legal risks.
During a press conference on Thursday, Benjamin Haddad acknowledged the existence of a “debate on the legal framework and the political framework” of such a decision. “We call on the Europeans to create this framework, and France to take leadership to create a European dynamic on the use of this capital”he explained.
The two deputies wish to quickly add their proposed resolution to the agenda of the National Assembly, during a transpartisan week.