Europe, Not Washington, Should Decide Fate of Russian Assets, Macron Says

French President Emmanuel Macron said that Europe alone should decide on the use of frozen Russian assets.

The Gaze reports on it, referring to Politico.

 Macron stressed that the issue of using blocked Russian state assets, most of which are located in Belgium, is the exclusive competence of European states. 

“Europeans are the only ones — because it's in the [US] plan — who can decide on what we'll do with the Russian frozen assets that are held by Europeans,” he said.

While Macron acknowledged that Washington is moving “in the right direction,” he also noted that the US 28-point plan contains provisions that need improvement and overly reflect Russian interests. 

Notably, the US-proposed approach of directing these funds toward US-led efforts to rebuild Ukraine after a ceasefire could undermine the EU’s already established initiative to mobilize €140 billion to support Ukraine’s defense.

The French president made it clear that Europe wants peace, “but not capitulation,” and warned of the danger of any steps that could encourage Russia in its strategic confrontation with Europe.

The EU was particularly concerned about previous US proposals to restrict the Ukrainian army, refuse NATO membership, and make territorial concessions. According to Macron, recent discussions in Geneva have shown the Europeans' firm opposition to such restrictions. 

The EU has already presented its own, softened and more realistic version of the plan that excludes the most controversial US demands. The European project, among other aspects, provides for milder restrictions on the Ukrainian army, no ban on future NATO membership, and phased coordination of sanctions, including the use of frozen Russian assets to compensate Ukraine. 

The provisions on territories have also been significantly softened, as the EU does not demand the transfer of any Ukrainian lands to Russia and proposes to hold negotiations only after a ceasefire. The European version also does not include American demands such as a full amnesty or a ban on NATO expansion.

Meanwhile, the issue of frozen Russian assets has become one of the most difficult in European politics. Despite the fact that the legal mechanisms for converting these funds into a reparations instrument for Ukraine are already in place, the countries that own the assets fear becoming the first targets of Russian countermeasures. 

Belgium, where most of Russia's reserves are concentrated, is particularly hesitant, as it fears lawsuits, diplomatic pressure, and possible actions by Moscow against European companies or financial institutions. 

As The Gaze reported earlier, EU leaders have already postponed until December a decision on the use of proceeds from frozen Russian assets for financial assistance to Ukraine.  

Read more on The Gaze: Belgium’s Cautious Stance on Russian Assets: Legal Paths to a Reparations Loan for Ukraine Remain Open