French Finance Minister Eric Lombard reiterated on Tuesday that France is against the utilization of Russian frozen assets to finance Europe's defense efforts.
Speaking to France Info radio, Lombard said that the assets "mainly belong to Russia's central bank," and thus their freezing is in conflict with international agreements entered into by France and the European Union (EU).
"Europe is not waging war with Russia," Lombard stressed, contending that redirecting frozen Russian funds would breach legal obligations and establish a perilous precedent.
This was seconded by French Foreign Minister Jean-Noël Barrot in a debate in the National Assembly on Monday. He cautioned that doing so would have "huge financial risks" for European countries.
At the same time, French President Emmanuel Macron has urged a substantial increase in European defence budgets. In an interview with Le Figaro after attending a defence summit in London, Macron advocated raising defence spending to 3–3.5% of the EU's overall GDP. Macron called on EU member states to spend "heavily" on defence, citing the necessity to be ready for the possibility of reduced US support and to guarantee Europe's security.
To finance this effort, Macron proposed raising significant amounts via collective EU loans or instruments like the European Stability Mechanism. "We probably need a first 200 billion euros ($208 billion) to start," he stated, according to Xinhua news agency.
Following Macron's vision, European Commission President Ursula von der Leyen on Tuesday announced a bold ReArm Europe plan with a call for an 800-billion-euro ($844.6 billion) increase in defense spending within the bloc.
In a letter to European leaders before Thursday's European Council, von der Leyen urged the urgency of increasing Europe's military strength. She highlighted rising security challenges, such as the Russian-Ukraine war and uncertainties about future US backing of NATO.
"Europe has entered an era of rearmament," von der Leyen stated. "We must respond not only to the immediate need to support Ukraine but also to the long-term necessity of assuming greater responsibility for our own security."
She warned that the question was no longer whether European security was at risk but rather whether Europe was prepared to act with the decisiveness required by the current geopolitical climate.
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