Senators urged White House to use frozen Russian assets for Ukraine - Reuters

Western journalists obtained a letter signed by Republican senators Todd Young and Lindsey Graham, as well as Democrats Richard Blumenthal and Tim Kaine. It was sent to US Secretary of State Marco Rubio.

"How does the Administration view using all financial tools at its disposal to increase pressure on Russia to end the war?" the senators asked in a letter.

"Specifically, does the Administration believe that U.S. and EU-held assets should be used as leverage in negotiations with Russia to bring an end to the war? If so, how?" the letter asked.

According to Reuters, this letter is a rare example of high-ranking Republicans publicly pressing the Trump administration to take a tougher stance against official Moscow.

"Pro-Ukraine Republicans in Congress have been largely quiet since Trump tilted U.S. policy more toward Russia, which started the war with its full-scale invasion of Ukraine in 2022," as the article states.

The letter was sent on Friday, just days before the start of new negotiations between the US and Russian delegations in Saudi Arabia (on Monday), amid efforts by the US to secure an agreement for a ceasefire between Russia and Ukraine at sea, possibly leading to a broader peace deal.

It’s important to note that US lawmakers have been calling for years to use confiscated Russian assets for the reconstruction of Ukraine, to avoid spending more American taxpayer dollars on the conflict and to pressure Moscow toward a peace agreement.

In the letter, the senators asked whether the Trump administration plans to develop a strategy to encourage the European Union, the G7, and other allies to use Russian sovereign assets.

The American senators also inquired whether the White House would support the use of Russian sovereign assets under US control by Ukraine to purchase defense equipment.

Issues on frozen Russian assets

After Russia's large-scale invasion of Ukraine, the United States and its European allies prohibited operations with the Russian central bank and the Ministry of Finance, freezing Russian sovereign assets worth $300–350 billion.

These assets mainly consist of European, American, and British government bonds stored in a European securities depository. According to Reuters sources, only about $7 billion is held in US financial institutions.

European leaders want to use these assets to help rebuild Ukraine but have not yet reached an agreement on how to avoid legal challenges or create a problematic international precedent, with several options being considered.

European and American officials have agreed to use the excess profits from the interest on the frozen Russian assets to secure loans for Ukraine, but not the assets themselves.

Legislators stated they understand that the US also does not want to confiscate the assets directly and expressed a desire to understand the administration’s stance on the issue, according to Reuters.

Russia has called plans to use the funds for Ukraine looting, although sources from Western media in February reported that Moscow might agree to use the assets frozen in Europe for Ukraine's reconstruction but would insist that part of the money be spent on areas of the country under Russian occupation.

In 2024, the US Congress also passed the "Economic Prosperity and Opportunities for Ukrainians Act," signed by former President Joe Biden in April. The law gave the US president the authority to transfer confiscated Russian assets in the US to Ukraine.

Recently, Deputy Head of the President’s Office Iryna Mudra stated that the European Union continues discussions on the confiscation of Russian assets, noting that discussions on this matter have not stopped.

Additionally, in March, Western media reported that France would consider a resolution to arrest frozen Russian assets for the benefit of Ukraine.