French Foreign Ministry: We cannot confiscate the frozen assets of Russians for €1.3 billion

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The volume of blocked assets of Russians in France is €1.3 billion, but Paris cannot withdraw them in favor of Ukraine, Anne-Clair Legendre, spokeswoman for the French Foreign Ministry, said. He noted that so far there are no legal instruments for the confiscation of assets.

“At the current stage, European sanctions provide for freezing, that is, blocking of funds, and they cannot be confiscated without a court decision in connection with circumventing these sanctions. Thus, now there is no way to transfer them to Ukraine,” Ms. Legendre told the LCI TV channel. She noted that now the European Commission is working on the transfer of confiscated assets to Ukraine.

In August 2022, France reported that the amount of frozen assets of Russians was €1.2 billion. In addition, as of March 2022, €22 billion of assets of the Russian Central Bank were frozen.

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