French President Emmanuel Macron insisted on Tuesday that it is up to Europe, and Europe alone, to decide what should be done with frozen Russian assets, pushing back against a proposal by US President Donald Trump to invest the funds in American-led projects for rebuilding Ukraine.
"Europeans are the only ones who have a say, because it concerns the assets frozen by Europeans," Macron told RTL radio. The French leader will join a videoconference meeting of Ukraine's international support coalition later in the day.
Trump's 28-point plan proposes that USD 100 billion in frozen Russian assets be redirected into US-managed reconstruction initiatives in Ukraine, with the United States receiving 50% of the profits. Macron's comments underline growing unease in Europe over attempts to reshape the use of Russian assets without EU approval.
The French president also warned against showing "weakness" in the face of what he described as an increasingly aggressive Russia. "If we are weak in Ukraine, if we say it's no longer our problem because it's far away, we will be abandoning Ukraine," he said.
Allowing such a retreat, he argued, would send a dangerous signal to a Russia that has spent the past decade pursuing a strategy of reasserting imperial power.
The European debate on frozen Russian assets is ongoing. The European Commission is preparing a plan to offer Ukraine a 140 billion euro "reconstruction loan" for 2026 and 2027, backed by sovereign Russian reserves immobilised under EU sanctions, most of which are held at Euroclear in Brussels.
Belgium remains reluctant to give its approval, fearing it may face Russian retaliation disproportionately. Prime Minister Bart De Wever continues to insist on firm guarantees and a clear legal basis before supporting any plan.
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