Reuters: US Backs EU Plan to Use Frozen Russian Assets for Ukraine

The United States supports the European Union’s push to use frozen Russian sovereign assets to aid Ukraine and increase pressure on Moscow, according to a US source familiar with the matter, as reported by Reuters on November 7.

The European Commission has proposed a framework that would allow EU governments to tap up to 185 billion euros ($217 billion) of the roughly 210 billion euros in Russian central bank assets currently frozen across Europe—without formally seizing them.

According to the Reuters source, Washington “absolutely supports” the EU’s efforts and the steps needed to make use of those funds, describing them as an important tool to support Ukraine and respond to Russia’s full-scale invasion of Ukraine.

Most of the frozen assets are held in Belgium, where officials have raised concerns that recent drone sightings over airports and military sites may be intended as signals from Moscow. Germany suggested the incidents could be linked to the ongoing asset debate. Russia has denied involvement but warned of a “painful response” if its assets are accessed.

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Following the start of Russia’s invasion in 2022, the US and its allies blocked transactions with Russia’s central bank and finance ministry, immobilizing around $300 billion in sovereign assets worldwide.

In a new attempt to increase economic pressure on Moscow, President Donald Trump imposed sanctions late last month on Rosneft and Lukoil—Russia’s two largest oil companies. The measures added to an already broad set of US sanctions intended to restrict Russia’s financial capacity and push the Kremlin toward a negotiated settlement.

The United States is monitoring the impact of these latest sanctions, and “there are more things we could do to up the pressure,” the source told Reuters.

Earlier, it was reported that Ukrainian President Volodymyr Zelenskyy told European leaders that Ukraine is in talks with European countries that possess Tomahawk cruise missiles and pressed for tighter sanctions enforcement and the use of frozen Russian assets.

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