PARIS, February 29. /TASS/. The European Union does not have a sound legal basis for the confiscation of all Russian sovereign assets currently frozen in European securities depositories, French Finance Minister Bruno Le Maire said, adding that it would be a devastating move to act in such flagrant violation of international rules.
"The lack of [a] legal framework complicates things," Le Figaro newspaper quoted him as saying on the sidelines of the G20 finance ministers’ summit in Sao Paulo, Brazil. "There is nothing more devastating for Western countries than failure to observe international rules, otherwise the risk of deepening division in the global community will arise," with Europe being reproached for hypocritically adhering to double standards, the minister stressed.
The Europeans are still reluctant to confiscate all frozen Russian assets despite Washington’s persistent urging to do so, Le Figaro noted. That said, a source in the US administration told the French publication that "a year ago the majority of capitals were against confiscation of revenues from frozen Russian assets, though the position has changed since then."
European Commission President Ursula von der Leyen said, speaking at a plenary session of the European Parliament in Strasbourg on Wednesday, that the EU should consider the possibility of using revenues earned on the frozen Russian assets for acquiring military equipment to be provided to Ukraine.
The EU, Canada, the US and Japan have frozen Russian assets in a total amount of around $300 bln. Roughly $5-6 bln of the assets are in the US, while the bulk of the funds are held by European depositories, particularly by the Belgium-based Euroclear international platform. Russian Deputy Foreign Minister Sergey Ryabkov said earlier that Moscow would take reciprocal measures if the West actually implements its threats to confiscate Russian assets.