France considers freezing assets of Algerian oligarchs amid escalating diplomatic rift

The diplomatic standoff between France and Algeria has escalated into a retaliatory spiral, with Paris now reportedly preparing to freeze the assets of 20 senior Algerian regime figures, according to French media outlets including L’Express.

The measure, currently under review by the French Ministries of Foreign Affairs and Interior, would mirror the sanctions imposed on Russian oligarchs, targeting financial holdings and real estate assets in France. This move comes in response to a series of provocations by Algiers, which began after France formally supported Morocco’s sovereignty over the Sahara.

Algeria has since refused to repatriate its nationals under deportation orders, imprisoned a French-Algerian writer, interfered in French domestic affairs, orchestrated the kidnapping of an opposition figure abroad via consular staff, expelled French diplomats, and imposed retaliatory economic measures against France.

In a bid to expose the contradictions of Algeria’s ruling elite, who publicly attack France, Paris is reportedly compiling a list of 20 high-ranking officials with substantial assets in French banks and real estate portfolios. This follows an earlier decision to revoke visa-free entry for Algerian diplomats.

The potential asset freeze would serve as a stark reminder to the Algerian nomenklatura of their vulnerability abroad, particularly in a country they routinely vilify for domestic and populist political gain. French legal frameworks allow for such measures in cases involving foreign interference, corruption, and money laundering.

According to investigative reports, over 800 members of Algeria’s ruling class are believed to hold assets in France. Given Algeria’s strict currency controls, many observers suspect these funds were transferred illegally, raising further questions about the regime’s financial practices.