French Fin Min-Using Russia Windfall Profits 'Must Be Discussed'

Speaking at the G20 Finance Minsiters and Central Bank Governors meeting in Sao Paulo, Brazil, French Finance and Economy Minsiter Bruno Le Maire speaks about European Commission Ursula von der Leyen'searlier call for the West to use profits from frozen Russian assets to buy weaponry for Ukraine. He downplays the prospect of the seizure of Russian assets, though.

• Le Maire: Big issue for G20 is supporting Ukraine, we must take action to ensure victory for Ukrainian people. Claims that the French put forward a proposal in October to make use of Russian assets, but that on the question of seizing the assets "We don't have the legal basis to do that." Says that "G7 countries should not take any step that would harm the rule of law...We must continue to work on the issue."
• Le Maire: Issue of using windfall profits on Russian assets for weapons must be discussed....We don't think countermeasures theory provides sufficient basis to unlock value of Russian assets...We should not add any kind of division to G20 countries.
• Around USD200bn in frozen Russian assets are held in the EU. The US has pressed for the EU to seize the assets in their entirety, but within the bloc there is uncertainty regarding the legal implications and the impact on financial markets.