US wants to unfreeze some Russian assets and take control of the funds, FT reports
Photo: Witkoff and Kushner proposed that Europe unfreeze some Russian assets (Getty Images)
American negotiators have proposed that European allies unfreeze some Russian assets to revive peace talks. The funds would be transferred to a mechanism under Washington's control, reports the Financial Times.
The idea was presented last week at a meeting in Miami. The US was represented by presidential special envoy Steve Witkoff and Donald Trump's son-in-law Jared Kushner.
The Americans proposed several ways to unlock some of the funds. One of them was to create a separate financial mechanism under US supervision. The assets were discussed as part of a comprehensive peace deal. How exactly to unfreeze them and what to spend them on has not yet been determined.
How Europe reacted
European delegates rejected Witkoff and Kushner's proposal.
The sums involved are enormous. The EU and G7 countries have frozen around 300 billion euros in Russian assets, of which approximately 180 billion euros are held at the Belgian depository Euroclear.
At the end of 2025, EU leaders failed to agree on a "reparations loan" to Ukraine backed by these funds. Instead, Ukraine received a 90 billion euro loan for 2026-2027.
Meanwhile, Ukraine is looking for its own ways to access the money. Amid a large budget deficit, Ukrainian diplomats have stepped up efforts with the EU, whose banks hold most of Russia's frozen funds.
Foreign Minister Andrii Sybiha stressed that defense and reconstruction costs are rising and proposed covering them with Russian assets. Not everyone supports the idea. Belgian Defense Minister Theo Francken said his country was categorically opposed to using these assets to help Ukraine.
Four EU countries called on the European Commission to revisit transferring the funds to Ukraine and seek legal ways to circumvent Belgium's veto. The Parliamentary Assembly of the Council of Europe (PACE) proposed another option: a mechanism based on European Court of Human Rights rulings that would allow frozen Russian funds to be transferred to Ukraine.
