France not to transfer frozen assets to Ukraine

Yesterday, French Minister of Finance Bruno Le Maire announced that France has frozen $24 billion worth of assets belonging to the Russian Central Bank, in addition to freezing the accounts of private individuals. 

France, however, does not plan to transfer the frozen assets to Ukraine, revealed French Foreign Minister Jean-Yves Le Drian on Monday. 

"This is not allocation of funds from the Russian Central Bank for the needs of the Bank of Ukraine. I don't think even with immediate approval we can resolve this next week," Le Drian told the European Humanitarian Forum. 

In recent weeks, European officials have seized billions of euros in Russian property and assets, and with the cooperation between Washington and Europe, they may be funneled, according to Bloomberg. 

In Italy, officials have seized assets worth €780 million ($862 million) in the last two weeks. According to Dutch Central Bank Manager Klaas Knot, €194 million in the last week alone. And now, amid the rush for Russian cash, EU officials are attempting to channel the funds into a so-called "war reparations fund" for Ukraine's struggling regime, according to a Bloomberg story.

Earlier this month, the Ukrainian parliament also approved the seizure of Russian assets.