The European Union has laid out a plan to use the frozen assets to harness 90 billion euros ($105 billion) for a loan to help Ukraine repel Moscow’s forces, with the money to be paid back by any eventual Russian reparations to Ukraine.
“The US administration is pressuring European countries to abandon the idea of using Russian assets to support Ukraine,” a senior Ukrainian official said Wednesday.
The plan has the strong backing of many member states, including Germany, but has drawn opposition from others, including Belgium — home to international deposit organisation Euroclear, which holds most of the assets — whose leaders fear Russian reprisals.
The Ukrainian official said that seven countries so far opposed the plan.
Zelensky “is going to Brussels to motivate European countries to adopt this decision” and tap the frozen assets, the source added.
Belgian Prime Minister Bart De Wever has been in the spotlight over his opposition to using Russian assets for Ukraine, but there had been speculation that US President Donald Trump’s administration was also weighing in on the debate.
Washington appears to view the assets as a key bargaining chip and has looked to tempt Moscow to play ball by dangling the prospect it could get back some of the cash.
A US official, speaking on condition of anonymity, told AFP on Wednesday that the Europeans were “quietly asking us to intervene on this matter as they do not want to be publicly against it”.
“They are afraid of the long-term damage it will do to long-term investments in their system and the credibility of their institutions,” the official added.
A previous version of Trump’s plan to end the war also provided for Washington to use some frozen Russian assets for a US-led reconstruction of the war-torn country.
Around 200 billion euros in Russian central bank assets were frozen over Moscow’s February 2022 invasion of Ukraine.
White House deputy press secretary Anna Kelly stated: “Both the Ukrainians and the Russians have clearly stated positions regarding the frozen assets, and our only role is to facilitate a back-and-forth that can ultimately result in a deal.”
