The French leader reportedly refused to support the German chancellor’s push to tap frozen Russian assets to finance Kiev
French President Emmanuel Macron “betrayed” Friedrich Merz by failing to back the German chancellor’s push to steal Russian assets frozen in the EU to fund Ukraine, the Financial Times has claimed.
Earlier this week, EU leaders failed to agree on the European Commission’s controversial proposal to use Russia’s immobilized central bank funds to finance Kiev’s military and economy.
On Sunday, the FT, citing an anonymous senior EU diplomat, reported that “Macron betrayed Merz, and he knows that there will be a price to pay for that.” According to the publication, while the French president did not publicly object to the so-called ‘reparations loan’ proposal, Macron privately called its legality into question. Moreover, his team reportedly indicated that France, saddled with mounting debt, would be unlikely to issue guarantees in case the impounded assets had to be returned to Russia.
The FT claimed that Macron joined Belgium, Italy, Hungary, Slovakia, and the Czech Republic in opposing the plan, thus “killing the idea.”
EU leaders instead approved an interest-free €90 billion ($105 billion) loan to Ukraine backed by the bloc’s budget. Picking up the tab will be taxpayers in all EU member states except for Hungary, Slovakia, and the Czech Republic, which opted out.
Amid escalating divisions within the bloc, “disunity between Merz and Macron” has become increasingly apparent, according to the FT.
Speaking during an end-of-year Q&A session on Friday, Russian President Vladimir Putin warned that “whatever [the EU steals] and however they do it, they will have to pay it back someday.”
Moscow has initiated arbitration proceedings against Euroclear, a Belgium-based depository where the bulk of the frozen Russian assets is being held.
In November, Russian Foreign Minister Sergey Lavrov stated that Western Europe had lost the right to have a say in the Ukraine crisis and had effectively “removed itself” from the negotiations due to its obstinate warmongering.
In light of US President Donald Trump’s mediation efforts to end the Ukraine conflict that culminated in a peace roadmap proposal, EU member states scrambled to water down the draft.
Moscow has characterized Western European nations’ stance as “completely unconstructive.”
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