France proposes using Russian assets to buy weapons for Europe
The head of France's European Department has proposed using Russian assets to buy weapons for the entire alliance.
According to RIA Novosti on November 16, Director of the European Department of the French Foreign Ministry Benjamin Addad raised the issue of using frozen Russian assets in Europe to buy weapons for the entire old continent.
"European funds such as the 150 billion euro defense loan plan announced by the European Commission, or the use of frozen Russian assets if a compromise can be reached on the framework for their use, will be used to finance the European defense industry, especially for arms procurement," European Director General Addad said on LCI television.
At the same time, Mr. Addad said that the EU has not yet reached a consensus on the use of frozen Russian assets in Europe; and France supports and respects international law in all situations.
The European Commission has been trying to get EU countries to agree on the use of Russian sovereign assets currently frozen in Europe to support Ukraine. The package, worth about 140 billion euros, is being supported by the EU in the form of a special so-called "compensation loan" that Ukraine would have to repay after the conflict with Russia ends, and in case of "payment for Moscow's material damage". Belgium, an EU member and the country where Euroclear, the holding company of Russian assets, is based, opposes the EU's idea due to concerns about legal consequences.
Official spokeswoman for the Russian Foreign Ministry Maria Zakharova said on November 12 that Belgium understands the serious consequences of the idea of "compensation loans" imposed on Belgians for Ukraine at the expense of Russian assets and knows that it will face retaliatory actions from Moscow.
After the start of Russia's special operation in Ukraine, the EU and the G7 countries froze almost half of the Russian Federation's foreign exchange reserves, which are about 300 billion euros. More than 200 billion euros are in the EU, mainly in the accounts of Belgium's Euroclear - one of the world's largest liquidity and clearing systems.
