Ukraine has asked the administration of US President Donald Trump to allow the use of $300 billion in frozen Russian assets to purchase American-made weapons, Bloomberg reports, citing European officials familiar with the matter.
This comes after the 12 February meeting of the Ukraine Defense Contact Group in the Ramstein format, where new US Defense Secretary Pete Hegseth did not announce weapons supplies for Ukrainian armed forces. Moreover, at the meeting, Hegseth declared Ukraine’s NATO membership and restoration of its pre-2014 borders “unrealistic,” which raises concern about how the country can defend itself against Russia in the future.
The proposal has been raised in recent weeks during meetings between Ukrainian representatives, some of its allies, and members of Trump’s team. One source claimed the idea was even presented directly to Trump, though “there is no indication the president supports” it.
The assets, belonging to Russia’s central bank, were frozen by the G7 and the EU following the beginning of its all-out war and are primarily held at Euroclear in Europe. So far, the G7 has only used the interest generated from these assets to provide Ukraine with $50 billion in loans.
During Joe Biden’s presidency, some European countries pushed for full confiscation of the assets. That discussion has resurfaced among Ukraine’s allies following Trump’s return, but key European nations remain divided. Germany, Luxembourg, and Belgium fear financial instability and legal risks, while some European officials suggest the assets could serve as leverage in potential Ukraine peace talks.
Ukrainian officials argue that economic and legal justifications exist for their request. They note that Trump has insisted Ukraine pay for any future US military aid—something these assets could facilitate while also benefiting American defense contractors. Additionally, legal experts suggest Russia’s frozen funds could be counted as compensation for war damages Moscow may eventually owe Ukraine.
Related:
- Lithuania’s Radarom! campaign raises € 1 million to supply Ukraine with drones in one week
- Ukraine deploys 200,000 drones monthly to counter 5-to-1 Russian infantry advantage near Pokrovsk, WSJ reports
- Ukraine aims for AI supremacy through production of drone swarms tech and battlefield analytics
- UK “rapidly developed” new naval drones for Ukraine
