France and the UK are at odds over whether $350 billion of frozen Russian assets can be seized and sold to the US, binding America closer to Europe’s defence. The proposal has gained support from Ukraine’s president, Volodymyr Zelenskyy, but France’s Emmanuel Macron opposes it, citing concerns about breaching sovereign asset immunity.
Macron fears the move could deter investment in the eurozone area, particularly from countries like Saudi Arabia and China. He wants to see Europe end its reliance on US weapons for defence and strengthen its ability to protect Ukraine.
In contrast, David Cameron, who was UK foreign secretary under Boris Johnson, had previously expressed support for seizing the assets, arguing there’s little practical difference since the UK is already committed to not returning them until Russia pays war reparations.
The EU is set to discuss relaxing rules on defence spending at a summit this week. A proposal to spend some of the Russian assets on the US defence industry has sparked debates over its feasibility. The European Union currently orders only 22% of military equipment from Europe, mostly coming from the US.
France’s focus has been on raising defence spending within Nato to 3.5% of GDP, while the UK is committed to maintaining the transatlantic alliance. The stalled raw minerals agreement between Ukraine and the US may be revived to make it more favourable to the US.
Some argue that seizing Russian assets can be done legally, with former Conservative prime minister Rishi Sunak stating that Russia’s brutal assault on Ukraine has undermined the principle of sovereign equality. Lord Ricketts, a former national security adviser, suggests handing the assets to Ukraine could create a double win by allowing them to buy arms from both European suppliers and the US.
The tension over seized Russian assets highlights the challenges Europe faces in asserting its independence from the US while maintaining alliances and supporting Ukraine’s defence.
Source: https://www.theguardian.com/world/2025/mar/03/uk-france-tensions-over-plan-to-seize-350bn-russia-assets-for-us-arms