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UKRAINE

Macron: Russia’s attack on Ukraine will ‘deeply destabilise’ food supplies in Europe

Russia's attack on Ukraine will "deeply destabilise" food supplies in Europe and Africa as some of the world's most fertile agricultural land goes unplanted, French President Emmanuel Macron warned on Friday.

Macron: Russia's attack on Ukraine will 'deeply destabilise' food supplies in Europe
French President Emmanuel Macron holds a press conference following an EU leaders summit to discuss the fallout of Russia's invasion in Ukraine, at the Palace of Versailles. Photo by Ludovic MARIN / AFP

“Europe and also Africa will be very deeply destabilised as regards food because of what can’t be planted right now in Ukraine,” Macron told reporters after an EU leaders’ meeting at Versailles Palace outside Paris.

“We will have to prepare for that and re-evaluate our production strategies to defend our food sovereignty… but also to be able to define a strategy concerning Africa,” he added.

Without it, he warned, “several African countries will be affected by famines within 12 to 18 months precisely because of the war.”

The French leader added that still more economic punishment would be piled on Russia if it continues its invasion of its neighbour.

“If things continue in the military way… we will take further sanctions, including massive sanctions,” he said, trailing a G7 statement on potential further measures “in a few hours”.

“All options are on the table,” he added, after EU nations have held off in the first weeks of the conflict from cutting off crucial oil and gas imports from major supplier Russia.

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POLITICS

France to finance Ukraine aid with Russian assets

France will use a share of €1.4 billion ($1.5 billion) in revenues from frozen Russian assets to finance purchase of military equipment for Ukraine, the defence ministry said Friday.

France to finance Ukraine aid with Russian assets

“Alongside other (EU) member states, the ministry… will take part in implementing the new support measure for Ukraine from the European Peace Facility,” it said in a statement.

The European Commission in Brussels had given the go-ahead for “swift procurement of priority material from French industry” including ammunition, artillery and air defences, the ministry added.

READ ALSO: France seizes €4.5m coastal villa linked to Vladimir Putin

Around €200 billion of Russian assets have been frozen across the 27-nation European Union since Russia’s invasion of its neighbour Ukraine in 2022.

Around 90 percent of them are held in Belgium, where international clearinghouse and securities depository Euroclear is headquartered.

EU member states agreed in May to use the interest generated by seized assets belonging to the Russian central bank to support Kyiv.

A first tranche of €1.5 billion was green-lighted in July.

The interest revenue is expected to amount to between €2.5 and €3 billion per year to arm Ukraine and cover the costs of post-war reconstruction.

Russia has denounced the EU decision as “illegal”.

At a June meeting, G7 leaders reached a “political agreement” on a similar arrangement at a meeting in Italy.

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