France publicly backs EU plans to use frozen Russian central bank assets as collateral for massive loans to Ukraine, yet stubbornly shields €18 billion held in its private banks.
For over two years, Paris has refused to disclose the banks involved, citing client confidentiality, frustrating allies pushing for a unified “reparations loan” worth up to €140 billion.
These French-held funds rank second only to Belgium’s €185 billion at Euroclear.
While supporting the scheme in principle, France opposes tapping its own trove, fearing legal risks and potential retaliation against French investments in Russia.
This secrecy highlights growing EU rifts over funding Kyiv amid waning US support.
