British newspaper Financial Times reported on October 15 that Washington intends to incorporate Russian sovereign assets frozen in Europe into a comprehensive peace agreement for Ukraine. According to the publication, the US plans to channel a portion of these funds into a special financial mechanism controlled by the American side to use them for reconstruction and thereby incentivize peace talks. Sources note that the proposal caught European partners off guard: Brussels and several capitals insist they are not ready to relinquish control over the frozen assets.
Miami Talks and Washington's Proposal
According to the Financial Times, the initiative was put forward during talks in Miami last week (cited by some outlets as October 10) featuring Special Envoy Steve Witkoff, Jared Kushner, and officials from Ukraine, France, Germany, the UK, the EU, and NATO. Washington reportedly proposed several options for unfreezing the funds, including transferring a portion of the assets into a specialized financial structure under the control of the US administration. According to sources, a concrete plan has not yet been agreed upon.
Europe Insists on Control
A US official familiar with the situation stated that Washington has requested proposals on how to use the available funds for reconstruction and is coordinating with the World Bank to combat corruption and establish financial accountability mechanisms. At the same time, FT emphasizes that the US proposal caught Europe by surprise: European parties insist they will not give up control over the frozen Russian assets. German Chancellor Friedrich Merz previously rejected any compromises, stating that the assets "must remain frozen in Europe" and that this is an issue Berlin will handle independently.
The Kremlin's Position
Responding to a question about the Financial Times publication, Russian presidential press secretary Dmitry Peskov stated that Moscow has no information regarding the alleged US initiative. However, he emphasized that Russia will do everything possible to recover the assets it considers "stolen," including initiating legal proceedings and holding those responsible accountable. Thus, the official Kremlin neither publicly confirmed nor denied the fact of the proposal, limiting itself to a statement of lacking information.
Context: Around $300 Billion Under Lock and Key
Recall that Western countries froze about $300 billion of Russia's sovereign assets following the escalation of the conflict in Ukraine in 2022. The bulk of these funds is held under the control of Euroclear Belgium, the largest EU clearing and settlement agency based in Brussels. This exact fact makes the fate of the assets one of the most sensitive issues in relations between Washington, Brussels, and Moscow, as any decision to unfreeze or redirect the funds affects both the legal and political interests of all parties.
