France Backs US Plan to Use Frozen Aggressor-Russia Assets for Ukraine

The French government has supported the US proposal to use the proceeds of frozen Russian assets for the benefit of Ukraine. The relevant agreement may be signed this week at a meeting of G-7 finance ministers. 

This was reported by Bloomberg.

The United States insists that a group of leading advanced economies should use the future income generated from the frozen funds of the Russian central bank in the amount of about $280 billion, most of which are immobilised in Europe. 

The plan could unlock an aid package of up to $50 billion for Ukraine.  

French Finance Minister Bruno Le Maire said before the G7 meeting in the Italian city of Stresa that Paris is open to using the proceeds of Russian assets "in the best way and as soon as possible within the framework of international law."

"The United States has made proposals that are within the framework of international law, and we will work on them constructively and openly to reach an agreement on this fundamental issue of financial support for Ukraine by the end of the G7 meeting in Stresa," he said.

Le Maire noted that he had previously warned the US authorities that a full confiscation of assets would be contrary to international law and the rules of the global financial system.

Since, according to media reports, Germany has also supported the US plan, the chances are growing that it may be approved at the meeting of G7 leaders on 13-15 June, Bloomberg notes.

Earlier, Foreign Minister Dmytro Kuleba said that Ukraine insists on the confiscation and transfer to Kyiv of all Russian assets frozen in the West. 

Before that, the EU Council approved a decision to transfer the income from the taxed excess profits of frozen Russian assets to help Ukraine.