A new «front» opens between the United States and Europe against the backdrop of frozen Russian assets valued at approximately 260 billion euros, as the administration of Donald Trump reportedly proposed unfreezing part of the funds and transferring them into a special financing vehicle under American control, aiming to restart peace negotiations over Ukraine.
German Chancellor Friedrich Merz rejected the prospect of transferring control to Washington, making clear that the assets are frozen in Europe and decisions regarding their fate must remain in the hands of Europeans.
The US proposal
According to the Financial Times, the United States proposed to European countries that they release part of the Russian state assets frozen following Moscow's invasion of Ukraine and transfer them to a financing facility overseen by Washington. The idea was floated during talks held last week in Miami between Donald Trump's peace negotiators and officials from Ukraine, France, Germany, the United Kingdom, the EU, and NATO.
An American official stated that the use of frozen Russian assets was discussed in the context of an overall peace agreement and that mechanisms for unfreezing them, as well as how the money would be allocated, remain subject to negotiation.
«No» from Merz
For his part, German Chancellor Friedrich Merz voiced opposition to the American initiative.
«These are assets that have been frozen in Europe and must remain frozen in Europe. This is our business and we decide on it», Merz stated upon arriving at the EU leaders' summit in Brussels.
The American official added that many proposals have been put forward regarding how Moscow's frozen assets could be utilized after the war ends. Ukrainian officials taking part in peace talks noted that the issue had been discussed with the American side in previous meetings as well.
Turmoil in Europe
European representatives rejected the plan, which was reportedly presented by United States special envoy Steve Witkoff and Trump's son-in-law Jared Kushner. The proposal, however, triggered turmoil across European capitals and in Kyiv, raising questions regarding American intentions and their noticeably divergent approach toward pressuring Moscow to end the invasion of Ukraine.
It is highlighted that the West froze approximately 260 billion euros in Russian state assets in 2022, in response to Russia's large-scale invasion of Ukraine under Vladimir Putin. The bulk of this amount is held within the European Union.
Ukraine has received a 45 billion euro loan from G7 countries, raised using interest generated by the immobilized assets in the EU as collateral. However, many European capitals oppose using the principal funds themselves, citing legal concerns.
Late last year, EU leaders pledged to use these specific assets to finance the reconstruction of Ukraine in the event that Russia fails to pay war reparations. However, any decision to release them would require the consensus of all 27 EU member states, something considered unlikely. A similar proposal regarding the frozen assets had been included a year ago in the 28-point peace plan of the Trump administration, which failed to advance.
Return of the... stolen
Kremlin spokesperson Dmitry Peskov stated on Wednesday (October 14, 2026), according to Russian state media, that Moscow will make «every possible effort to achieve the return of the stolen assets».
«This includes legal actions, judicial proceedings, and prosecutions», he noted.
European officials who participated in the meeting stated that they oppose relinquishing any control over the assets, as well as returning any portion of them to Moscow, according to the same sources.
«They were told that this is simply not going to happen», stated one person familiar with the talks.
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