Tensions have surfaced between France and the UK over whether $350bn of frozen Russian assets can be seized and then offered to the US to buy defence equipment, binding America closer to the defence of Europe, reports The Guardian.
The UK’s willingness to seize the assets is longstanding, but its position has become more pronounced in recent weeks, with a high-level endorsement by the UK foreign secretary, David Lammy. The proposal has also had the support of the Ukrainian president, Volodymyr Zelenskyy.
However, in common with the European Central Bank and Germany, Emmanuel Macron opposes the move over fears that it would breach the principle of the immunity of sovereign assets and thereby have a deterrent effect on investment in the eurozone area by countries like Saudi Arabia and China.
Speaking alongside Trump last week, the French president said: “We have $250bn frozen Russian assets in Europe, but this does not belong to us so they are frozen. If at the end of the day in the negotiation we would have with Russia, they are ready to give it to us, super.”
Macron has also long argued that Europe must end its reliance on US weapons for its defence, and feels vindicated by Donald Trump’s treatment of Ukraine. He would also be reluctant to see frozen Russian assets being used to boost the US defence industry, as opposed to strengthening the ability of Europe to protect Ukraine.