The French National Assembly (the first chamber of parliament) approved a majority of a non -binding recommendation to confiscate the Russian financial assets located in French and European banks.
The approval came after the discussion of the recommendation submitted by the European Union at the plenary session of the National Assembly, on Wednesday evening.
In favor of the recommendation, 288 deputies voted, while 54, the majority of whom opposed it from the “France” party (leftist).
The recommendation urges the European Union countries to “confiscate Russian financial and non -financial assets, with the aim of financing and supporting Ukraine in its war against Russia on the one hand, and to reconstruction on the other hand,” according to the Anatolia Agency.
The recommendation calls for the continuation and promotion of political, economic and military support from the European Union and NATO (NATO) and the allies of Ukraine.
Since the start of the Russian-Ukrainian war in February 2022, Western countries have frozen nearly 300 billion euros of Russian origin, including about 200 billion dollars in European Union countries.
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The threat of European financial stability
The recommendation comes after French Finance Minister Eric Lombard warned that the use of frozen Russian assets to finance the defense of Ukraine may threaten the financial stability of Europe, with the increasing invitations to take this step.
The minister said after a meeting in Brussels with his European Union counterparts on Tuesday, “Whatever we think of Russia’s behavior in Ukraine (…) is not from international traditions to confiscate the origins of central banks,” the minister said after a meeting in Brussels with his European Union counterparts on Tuesday.
He added, “In light of European law, there is no reason for the seizure of Russian origins, and” if there is a seizure without a legal argument, this will pose a threat to European financial stability. “
Lombard explained that these assets are currently frozen and used their investment revenues to help Ukraine, which is “compatible with the rule of law,” according to the French Press Agency.
The European Union countries use the profits of the frozen Russian assets – equivalent to 2.5 to 3 billion euros annually – to arm Ukraine and help them finance the reconstruction process.
The European Union has so far ruled out the option to seize legal reasons in the first place, and France and other European partners fear the lack of confidence in international investors in Europe if it acted outside the law.
In early February, UNHCR president Ursula von der Line opened the way to a discussion on the use of assets beyond freezing.
“We can continue to think about the most creative use of these assets,” she said in a speech in Brussels.
