FT: France does not want to use Russian assets held in its banks
Stockholm, December 8 (Hibya) – According to the Financial Times, France supports the initiative to use frozen Russian assets as a loan to Kyiv, but opposes the use of assets held in commercial banks, including the 18 billion euros located within France.
Nearly all of the 18 billion euros are held in private French banks. Paris refuses to disclose the names of these credit institutions, citing client data confidentiality.
According to the report, the European Union is increasing pressure on France to allow the use of Russian assets as a loan to Ukraine.
The newspaper, citing sources, states that apart from the 185 billion euros held at Euroclear, the remaining 25 billion euros are held in Belgian and French commercial banks: 7 billion in Belgium and 18 billion in France. According to the sources, most of the French assets are held in the country's largest bank, BNP Paribas.
Sources add that private credit institutions holding Russian assets are generally obliged to pay interest to the depositor — that is, Russia. However, since contract terms vary, some banks may retain the interest within the account.
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