France proposes to seize Russian assets if it violates ceasefire – FT
France has suggested arresting Russian assets frozen in Europe, primarily securities worth over €200 billion, if Russia breaches a future ceasefire, Financial Times reported, citing three people familiar with the talks.
The proposal, made by French officials, aims to bolster security guarantees for Ukraine post-war.
Alongside France and Germany—previously opposed to such seizures—the U.K. and other nations are involved in the discussions.
Two sources said other European countries have responded positively, though the idea is far from finalized. A spokesperson for French President Emmanuel Macron declined to comment.
Macron, during February 24 talks with U.S. President Donald Trump, noted that money could be "part of end-of-war negotiations."
A source said incoming German Chancellor Friedrich Merz is also open to considering the asset seizure proposal.
U.K. Prime Minister Keir Starmer, on March 3, called using Russian assets "fiendishly complicated," distinct from their profits.
"It’s not simple. But I think we need to do more, and we’re working harder with other countries to at least explore options," he said.
FT noted that ceasefire advocates see the arrests as a way to enforce compliance from Russia and reassure Ukraine.
"More and more countries are ready to use [asset seizures] as leverage," one source told FT.
The talks coincide with a France- and U.K.-led peace plan for Ukraine.
About €300 billion in Russian Central Bank assets were frozen by G7 nations after Russia’s 2022 invasion, with €190 billion held in Belgium’s Euroclear depository, plus smaller amounts in France, the U.K., Japan, Switzerland, and the United States.
Currently, G7 countries use the assets’ profits—mostly from bonds and cash—to service $50 billion in loans to Ukraine.
Until now, the assets themselves remained untouched, despite calls for seizure from Ukraine, Poland, and Baltic states.
Germany, France, and Belgium had resisted, citing risks of setting a legal precedent and the European Central Bank’s concerns about the euro’s status as a safe reserve currency.
On February 21, Reuters reported Russia might accept Ukraine using the assets.
Bloomberg said February 22 that the EU was exploring them as collateral for Ukrainian reparations.
On March 1, the U.K. allocated nearly $3 billion for weapons production, funded by Russian asset profits.