The US has proposed that European countries unfreeze some Russian sovereign assets and move them to a vehicle overseen by Washington, according to the Financial Times. European delegates rebuffed the plan, and any unfreezing would need EU27 consensus.
The US has proposed that European countries unfreeze some Russian sovereign assets immobilised after Moscow's invasion of Ukraine and transfer them to a vehicle overseen by Washington. The aim is to revive peace talks, the FT reported, citing four people briefed on the matter.
Miami talks end in European pushback
The idea came up during discussions in Miami last week between Donald Trump's peace negotiators and officials from Ukraine, France, Germany, the UK, EU and Nato. The US suggested several ways to unfreeze the assets, including a new special-purpose financial vehicle under Washington's oversight, the people said.
European delegates rebuffed the plan, which US special envoy Steve Witkoff and Trump's son-in-law Jared Kushner pitched. A US official said the assets were discussed as part of a comprehensive peace deal, and that how they would be released and spent is still under discussion.
Legal doubts and a stalled precedent
Western allies froze about €260bn of Russian state assets in 2022, most of it held in the EU. Ukraine has received a €45bn loan from G7 countries raised against the interest earned on the immobilised EU assets. However, many European capitals oppose using the underlying assets, citing legal concerns.
EU leaders also committed late last year to using the assets for Ukraine's reconstruction if Russia fails to pay war reparations. Even so, any decision to unfreeze them would need EU27 consensus, which the FT calls unlikely. A similar proposal in the Trump administration's 28-point peace plan a year ago failed to gain traction.
Moscow vows legal action
Kremlin spokesperson Dmitry Peskov said Moscow would "make every possible effort to achieve the return of stolen assets", according to Russian state media, as quoted by the FT. He said this includes legal work, court proceedings and judicial prosecutions.
European officials at the meeting said they opposed giving up any control over the assets or returning any of them to Moscow, the people briefed on the matter told the FT.
Source: Financial Times
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