Europeans are grappling with their exclusion from negotiations in Saudi Arabia, led by the United States. Politicians, analysts, TV pundits, and influential bloggers have been venting their frustration, warning of the risks of placing too much trust in Washington. Yet, among Western Europeans, the French have remained the most sceptical. Since the days of de Gaulle, regardless of who has sat in the Élysée, Paris has pursued a consistent strategy of strategic autonomy, underpinned by its own nuclear deterrent.
Now, President Macron and his allies are pushing for a series of high-level summits to bolster support for Ukraine and strengthen Europe’s security. One such gathering, organised by his Renaissance party, is underway in Paris today, bringing together 60 ministers, former prime ministers, and Members of the European Parliament from 21 countries.
“Let’s use over €200bn in frozen Russian assets in Europe to support Ukraine’s resistance,” suggested former French Prime Minister Gabriel Attal at the summit’s opening.
A staunch advocate for the full confiscation of Russian funds held in European banks, Attal also warns against what he sees as a “reactionary push” embodied by Donald Trump and Elon Musk. The financial risks cited by opponents of asset seizures, he argues, pale in comparison to the urgent need to support Kyiv. “Rather than making European taxpayers bear the cost, let’s make the Russians pay,” he insists.
Since Russia’s full-scale invasion in 2022, the EU, US, Canada, Japan, Australia, and several other countries have frozen €274bn ($300bn) in Russian assets. Of this, €260bn belonging to Russia’s central bank is locked in G7 countries, the European Union, and Australia. Another $58bn in private assets owned by Russian oligarchs has been frozen in EU and G7 banks.
The bulk of the €235bn in Russian assets held in EU-based banks—some 78%, or €183bn—is managed by the Belgian clearinghouse Euroclear, a key player in global financial transactions. This explains why Belgium, along with Germany and a segment of the French political establishment, is urging caution in dealing with Russian state funds. They fear that outright confiscation could deal a serious blow to the credibility of European financial institutions, prompting countries like Saudi Arabia or China to withdraw their deposits from European banks.
European financiers worry that setting such a precedent could make wealthy non-democratic states hesitant to park their assets in Europe, fearing they might be seized in response to “bad behaviour.” “This would weaken the euro’s role as an international reserve currency. Under international law, central bank assets held abroad enjoy sovereign immunity,” argues Belgian Prime Minister Bart De Wever.
Using the interest accrued on frozen Russian assets to support Ukraine, however, poses no such legal issues. Since May 2024, EU member states have begun directing the proceeds from these immobilised Russian state deposits towards funding the Ukrainian military.
According to Trends-Tendances, frozen Russian assets generated €0.8bn in 2022; €4.3bn in 2023, and are expected to yield more than €6.5bn in 2024.
In January 2025, the European Commission made its first disbursement to Ukraine, transferring €3bn covered by revenues from these immobilised Russian funds. But Donald Trump’s return to the White House has introduced new uncertainties—not just for Ukraine, but for Europe as a whole. The Czech Republic, Estonia, and Poland argue that the time for hesitation is over. Moscow has been waging war and committing atrocities against Ukrainians for three years without consequence, they say, and European leaders should stop fearing legal constraints that protect Russian wealth. “Let’s finance our aid to Ukraine using frozen Russian assets,” Polish Prime Minister Donald Tusk urged a few weeks ago.
France, Germany, and Belgium, however, remain reluctant to back the initiative, despite both chambers of the French parliament voicing support. “The full confiscation of these assets would pose too great a financial risk to the eurozone and the European Central Bank,” warned France’s Minister for European Affairs, Benjamin Haddad.
French political scientist and writer Nicolas Tenzer disagrees. “In Russia’s war against Ukraine, we are facing something unprecedented,” he told The Ukrainian Week. “Nothing like this has been seen since the Second World War. This is a war of annihilation unfolding on European soil. We are witnessing genocide, not just isolated human rights violations. The only comparable crimes are those of Omar al-Bashir in Sudan and Assad, alongside Russia and Iran, in Syria. The response to total war must be equally resolute.”
According to Tenzer, if all countries holding frozen Russian assets in their banks were to confiscate them simultaneously, capital would have no opportunity to flee from one jurisdiction to another. “In that case, the frequently cited argument about the financial stability of the eurozone loses its relevance,” he argues. “This money will not be reinvested in yuan, rupees, or rubles! In the current emergency, such a resource cannot be ignored.”
Supporters of asset confiscation argue that such a move could, in fact, be legal—but only if framed as a defensive countermeasure. This mechanism permits states to respond to violations of international law committed by another state.
However, this decision cannot be made by a national court; it requires a government decree or an order from the European Commission.
Meanwhile, the Paris summit, initiated by former Prime Minister Gabriel Attal, has just concluded. Participants adopted a joint declaration, reaffirming their “active military support” for Ukraine. They also called for increased national defence spending, for “finding legal pathways to use Russian assets in support of Ukraine,” and for accelerating Ukraine’s accession to the European Union. “Democracy must be able to defend itself!” the signatories emphasised in the final document. Here’s hoping it’s a sign of things to come!
