(MENAFN) French President Emmanuel Macron has diverged from the stance of United States President Joe Biden, cautioning against the expropriation of frozen Russian assets, arguing that it could breach international law and undermine Europe. The disagreement comes as the West grapples with how to utilize approximately USD300 billion in assets frozen from the Russian central bank since the onset of the Ukraine conflict.
During a joint press conference with Czech President Petr Pavel in Prague, Macron expressed support for the European Commission's proposal to tax profits generated from reinvesting the funds. He suggested that this approach could annually unlock EUR3-5 billion (USD3.25-5.4 billion) to enhance Ukraine's defense capabilities while maintaining the core assets untouched.
The international community remains divided over the issue of seizing the frozen assets to aid Ukraine, with ongoing debates on legal methods for utilizing the immobilized funds. President Biden has reportedly urged G7 leaders to make progress on a plan for funding Kiev using the frozen assets by their June meeting. United States Treasury Secretary Janet Yellen has emphasized the legal and moral foundations for asset confiscation as robust.
This article delves into the differing perspectives among Western leaders, specifically Macron's opposition to Biden's push for asset seizure and his advocacy for a legal framework to support Ukraine without violating international law. It explores the ongoing debates within the G7 and the broader international community regarding the ethical and legal considerations surrounding the utilization of frozen Russian assets.
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