France plans to confiscate Russian funds for Ukraine's armed forces
Russia's leading lawmaker has criticized the initiative revealed by the French defense minister, calling it a breach of international law. Read Full Article at RT.com
TroibNews 
Russia’s top MP has denounced the plan as a violation of international law.
France's defense minister, Sebastien Lecornu, has announced that the country will utilize interest accrued from Russian assets frozen in European banks to purchase weapons for the Ukrainian military. Vyacheslav Volodin, Speaker of the Russian State Duma, has criticized this decision, stating it contravenes international law.
Following the escalation of the Ukraine conflict in February 2022, multiple Western nations froze an estimated $300 billion worth of Russian sovereign funds. Approximately $213 billion of this amount is held by Euroclear, a Brussels-based clearing house. These assets have generated billions in interest, including a transfer of €1.55 billion directly to Ukraine from Euroclear last July.
In an interview with France’s La Tribune Dimanche on Saturday, Lecornu revealed, “thanks to interest from frozen Russian assets, we will also tap new funds worth 195 million euros.” He stated that Paris intends to use this money to finance the delivery of 155-mm artillery shells and glide bombs compatible with the Mirage 2000 fighter jets that France has provided to Ukraine.
Additionally, Lecornu mentioned plans to supply an unspecified number of armored fighting vehicles, including the AMX-10 RC.
Responding to France’s actions, Volodin lambasted the initiative as a breach of international law. He remarked, “What is obviously hysteria born of impotence has finally gotten the better of reason,” during his statement on Sunday.
In relation to a similar action taken by the UK on Friday, Volodin cautioned that London “will have to give back to Russia what they are now so generously giving away,” and warned that Moscow has “every reason to respond in kind.”
These remarks followed confirmation from Ukrainian Prime Minister Denis Shmigal that Kiev had received an initial tranche worth about $1 billion from London, funded by the proceeds from the frozen Russian assets.
Last year, the United States also transferred the first $1 billion installment of a $20 billion loan supported by interest earned from immobilized Russian assets.
Kremlin spokesman Dmitry Peskov commented at the time, “this money was stolen from us. Our assets have been frozen absolutely illegally, against all norms and rules.” He added that Russia would pursue all legal avenues to protect its property and rights.
While Ukraine has been urging its Western allies to expropriate the frozen Russian assets to finance military and reconstruction efforts, several EU member states, particularly Germany, France, and Italy, have expressed reluctance to do so, citing legal concerns. The International Monetary Fund has also warned that appropriating these funds without a clear legal basis could undermine global confidence in Western financial institutions.
Mathilde Moreau contributed to this report for TROIB News
France's defense minister, Sebastien Lecornu, has announced that the country will utilize interest accrued from Russian assets frozen in European banks to purchase weapons for the Ukrainian military. Vyacheslav Volodin, Speaker of the Russian State Duma, has criticized this decision, stating it contravenes international law.
Following the escalation of the Ukraine conflict in February 2022, multiple Western nations froze an estimated $300 billion worth of Russian sovereign funds. Approximately $213 billion of this amount is held by Euroclear, a Brussels-based clearing house. These assets have generated billions in interest, including a transfer of €1.55 billion directly to Ukraine from Euroclear last July.
In an interview with France’s La Tribune Dimanche on Saturday, Lecornu revealed, “thanks to interest from frozen Russian assets, we will also tap new funds worth 195 million euros.” He stated that Paris intends to use this money to finance the delivery of 155-mm artillery shells and glide bombs compatible with the Mirage 2000 fighter jets that France has provided to Ukraine.
Additionally, Lecornu mentioned plans to supply an unspecified number of armored fighting vehicles, including the AMX-10 RC.
Responding to France’s actions, Volodin lambasted the initiative as a breach of international law. He remarked, “What is obviously hysteria born of impotence has finally gotten the better of reason,” during his statement on Sunday.
In relation to a similar action taken by the UK on Friday, Volodin cautioned that London “will have to give back to Russia what they are now so generously giving away,” and warned that Moscow has “every reason to respond in kind.”
These remarks followed confirmation from Ukrainian Prime Minister Denis Shmigal that Kiev had received an initial tranche worth about $1 billion from London, funded by the proceeds from the frozen Russian assets.
Last year, the United States also transferred the first $1 billion installment of a $20 billion loan supported by interest earned from immobilized Russian assets.
Kremlin spokesman Dmitry Peskov commented at the time, “this money was stolen from us. Our assets have been frozen absolutely illegally, against all norms and rules.” He added that Russia would pursue all legal avenues to protect its property and rights.
While Ukraine has been urging its Western allies to expropriate the frozen Russian assets to finance military and reconstruction efforts, several EU member states, particularly Germany, France, and Italy, have expressed reluctance to do so, citing legal concerns. The International Monetary Fund has also warned that appropriating these funds without a clear legal basis could undermine global confidence in Western financial institutions.
Mathilde Moreau contributed to this report for TROIB News
