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Europe split as US warns against seizing Russian assets for Ukraine
The Trump administration is urging European allies to abandon their plan to use frozen Russian assets to finance Ukraine’s defense and reconstruction, arguing that the $250 billion fund should remain a bargaining tool in potential peace talks. The move exposes growing divisions within the transatlantic alliance over how to sustain Kyiv’s war effort and shape any future settlement with Moscow.
Ukrainian President Volodymyr Zelensky arrived in Brussels this week to push European Union leaders to approve a proposal that would raise up to €90 billion in loans backed by profits from frozen Russian assets. His visit coincides with a crucial EU summit, where leaders are debating funding Ukraine’s military and economic needs through 2027. According to Ukrainian officials, Washington has made clear its preference to keep the assets untapped to preserve leverage in upcoming negotiations.
White House Deputy Press Secretary Anna Kelly confirmed that the US position reflects a broader aim to “facilitate dialogue” between Ukraine and Russia. However, for Kyiv, rapid access to these funds is viewed as essential to maintain battlefield momentum and protect the country’s negotiating position.
Diplomatic talks in Miami
As part of Washington’s diplomatic calculations, US officials including envoy Steve Witkoff and Jared Kushner are expected to meet Russian representatives in Miami to discuss possible frameworks for ending the war. Kirill Dmitriev, head of Russia’s sovereign wealth fund, is due to represent Moscow. Earlier drafts of a Trump peace initiative proposed using part of the frozen assets to finance a US-led reconstruction program in Ukraine, with half the returns directed to the United States an idea quickly dismissed by European leaders.
Europe’s deepening divisions
Within the EU, the plan to mobilize Russian assets has exposed sharp internal divisions. Belgium, which holds about €185 billion of the EU’s frozen funds through the Brussels-based clearing house Euroclear, insists it will not shoulder legal or financial liabilities if Russia pursues court challenges. Several other nations Italy, Bulgaria, Malta, the Czech Republic, Hungary, and Slovakia share these concerns, some aligning more closely with the American position.
To sidestep potential vetoes, the EU recently froze the assets indefinitely, blocking Hungary and Slovakia from using procedural votes every six months to obstruct the plan. Still, momentum remains fragile. Zelensky has warned that hesitation from Europe would not only weaken Ukraine’s defense but also undermine Europe’s own credibility. Without these funds, analysts say, Kyiv risks entering any future peace negotiations from a position of diminished strength.
