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The United States expressed its full support for the European Union (EU) in its plan to use frozen Russian assets as a financial tool aimed at assisting Ukraine and hastening the end of the war, according to a source from the U.S. government cited by Reuters.
The European Commission's initiative allows the governments of the bloc to use up to 185 billion euros (about 217 billion dollars) from the approximately 210 billion euros in Russian sovereign assets currently held in Europe.
The plan does not involve confiscation, but rather the use of the generated interest to finance the reconstruction and defense of Ukraine.
Washington "absolutely supports the EU and the measures they are currently taking to use those assets as a tool," stated the source, who requested anonymity due to the sensitivity of the matter.
Following the Russian invasion of Ukraine in 2022, the United States and its allies froze around $300 billion in assets belonging to Russia's central bank and Ministry of Finance, as part of a comprehensive sanctions package against Moscow.
However, the European proposal faces resistance within the bloc. Belgium, which holds most of the Russian funds, has expressed concern about the legal implications and potential risks of retaliation.
In recent days, Berlin suggested that the recent sightings of drones over military bases and airports in Belgium could be a warning from Moscow to deter any actions regarding the assets.
The Kremlin, for its part, denied any involvement and threatened a "strong response" if measures that it considers to be a seizure are implemented.
Meanwhile, U.S. President Donald Trump announced at the end of October new sanctions against Rosneft and Lukoil, the two largest Russian oil companies, as part of a renewed effort to pressure the Kremlin's finances and force a peace agreement.
Washington is assessing the effects of these sanctions and, according to the source, “there are more actions we could take to increase the pressure” on the regime of Vladimir Putin, whose offensive against Ukraine is now entering its fourth year.
A debate that divides Europe and concerns Moscow
The European Commission's proposal to use the interest generated by frozen Russian assets has sparked an intense debate within the bloc and among its Western allies.
According to Financial Times and Reuters, the European bloc aims for the plan to not only finance the defense and reconstruction of Ukraine but also to serve as a signal that the EU will maintain pressure on Moscow as long as the war continues.
In legal terms, the measure has been designed to prevent the direct confiscation of funds—something that would violate international standards on sovereign immunity—and to limit itself to the use of the financial returns generated by those assets while they remain immobilized in European banks, primarily in Belgium, France, and Germany.
For Ukraine, this proposal represents one of the few realistic ways to sustain its economy and military efforts without relying solely on the national budgets of its Western partners.
Sources from the Ukrainian Ministry of Finance cited by Politico Europe and The Guardian have insisted that "it is fair for the resources of the aggressor to fund the repairs for the damages caused."
Kiev believes that these funds should be directed towards critical infrastructure, compensation for displaced civilians, and support for the energy industry, which has been severely impacted by Russian bombings.
However, some European governments fear that the movement sets a dangerous precedent for the international financial system. Belgium and Luxembourg have requested additional legal guarantees, while Germany has proposed a temporary formula that would allow for a gradual and supervised release of the benefits.
Washington, while fully supporting the principle of the plan, has advocated for maintaining coordination with the G7 to prevent the measure from being perceived as expropriation.
According to AP News, the U.S. Department of the Treasury believes that any misstep could trigger economic retaliation from the Kremlin or destabilize global financial markets.
In Kiev, the message is clear: “Russia destroys our infrastructure every day, and our people pay the price. It is time for them to also pay with their money,” said a senior Ukrainian official recently quoted by BBC News.
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