France does not want to expropriate Russian assets held in its private banks — FT

LONDON:  France, which supported the provision of a reparations loan to Ukraine, refused to include in it funds frozen in the republic's...

LONDON:  France, which supported the provision of a reparations loan to Ukraine, refused to include in it funds frozen in the republic's private banks, the Financial Times (FT) newspaper wrote, citing sources.

Private credit institutions are subject to different contractual obligations than the Belgian depository Euroclear, according to the publication. An unnamed official stated that French banks are unwilling to participate in discussions regarding the possibility of transferring Russian assets to Kiev.

French banks hold around 18 bln euros in Russian assets, which is the second-highest figure in Europe, the paper said. Belgium, the leading holder of Russian assets, holds approximately 7 bln euros in private bank accounts. The names of banks are kept confidential.

Currently, around 210 bln euros in Russian sovereign assets are frozen in Europe. Of these, 185 bln euros are held in accounts at the Euroclear depository in Belgium. Neither the European Commission nor EU countries have officially announced the exact location of the remaining 25 bln euros.

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