US Senators Push for $300 Billion in Seized Russian Assets to Help Ukraine

A group of Republican and Democratic US senators called on President Donald Trump’s administration to transfer over $300 billion in seized Russian assets to Ukraine, instead of only using the interest from these assets to support Kyiv, Reuters reported on March 24.

The senators, including Republicans Todd Young and Lindsey Graham and Democrats Richard Blumenthal and Tim Kaine, outlined their concerns in a letter to Secretary of State Marco Rubio.

The letter, a rare instance of Republicans publicly pushing for tougher measures against Russia, questioned the administration’s stance on using seized Russian assets as leverage to bring an end to the ongoing war in Ukraine. The senators also asked whether the US and its allies should consider using sovereign Russian assets to encourage a negotiated peace deal.

“We seek to understand the Administration’s position on this issue,” the letter stated. The senators are advocating for the US and European Union to use Russian sovereign assets as leverage, possibly to support Ukraine’s defense efforts by purchasing military equipment.

The seized assets, mostly consisting of European, US, and British government bonds, were frozen after Russia’s invasion of Ukraine in 2022. The US and its allies blocked around $300-350 billion in Russian central bank and finance ministry assets, primarily held in European financial institutions. However, only about $7 billion is located in US institutions.

According to Reuters, European leaders expressed interest in using these frozen assets to help rebuild Ukraine but have been cautious due to potential legal and diplomatic challenges. Some have raised concerns over setting a problematic international precedent by appropriating foreign assets.

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War in Ukraine

European Leaders Push to Seize Russia’s Frozen Billions for Ukraine. Why Now?

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While US and European officials have agreed to use windfall profits from the seized assets to support Ukraine, there has been hesitation about directly transferring the assets themselves. Russia has objected to the use of the funds, calling it theft, although there are reports that Moscow may be open to using a portion of the frozen assets for reconstruction—under certain conditions, including spending some of the funds in Russian-controlled areas.

In 2024, the US Congress passed the “Rebuilding Economic Prosperity and Opportunity for Ukrainians Act,” granting the US president the authority to transfer Russian assets seized within the country to Ukraine. This marks the first time Washington has taken such a step, as it has never before seized assets from a country with which it is not at war.

Earlier, Ukrainian Foreign Minister Andrii Sybiha stated that any diplomatic efforts with Russia must be backed by military force, sanctions, and pressure.