Macron Says Europe Alone Should Decide Fate of Frozen Russian Assets

Overview

• President Emmanuel Macron said assets held in Europe should be decided by Europeans and called for an EU discussion followed by a clear message to Russia.
• Russia’s Foreign Ministry spokeswoman Maria Zakharova condemned Macron’s position and warned of a severe response if the assets are used.
• Most of the frozen Russian holdings, a little over €200 billion, are parked at Belgium’s Euroclear, which has opposed expropriation and flagged litigation and retaliation risks.
• EU governments are working on legal mechanisms, yet no binding bloc-wide decision has been finalized on repurposing the assets for Ukraine.
• Bloomberg previously reported that a clause earmarking about $100 billion for a Ukraine recovery fund was removed from the latest U.S. draft peace plan.