France opposes using frozen Russian assets for Europe’s defence funding
French Finance Minister Eric Lombard reaffirmed on Tuesday that France opposes the use of frozen Russian assets to finance Europe’s defence capacity-building.
Speaking to France Info radio, Lombard stated that France believes these assets “belong mainly to Russia’s central bank” and that seizing them would violate international agreements signed by France and the European Union (EU). “Europe is not at war with Russia,” he emphasized.
French Foreign Minister Jean-Noel Barrot echoed this stance on Monday during a debate at the French National Assembly, warning that confiscating Russian assets would pose “great financial risk” to European nations.
Meanwhile, French President Emmanuel Macron has called for EU member states to increase their defence spending to 3–3.5% of the bloc’s total Gross Domestic Product (GDP). In an interview with Le Figaro, Macron urged Europe to “invest heavily” in defence to prepare for a potential US disengagement from NATO and to strengthen the continent’s security. He proposed joint loans or the European Stability Mechanism to raise an initial 200 billion euros ($208 billion) for defence initiatives.
On Tuesday, European Commission President Ursula von der Leyen unveiled an 800-billion-euro ($844.6 billion) plan to boost defence spending across the EU in response to growing security threats.
In a letter to EU leaders ahead of Thursday’s European Council meeting, von der Leyen introduced the “ReArm Europe” initiative, citing the Russia-Ukraine conflict and uncertainties over continued US support for NATO as key reasons for increased European defence investment.
“Europe is ready to massively boost its defence spending,” she said, stressing the urgency of both supporting Ukraine and ensuring long-term European security. “The real question before us is whether Europe is prepared to act as decisively as the situation demands.”
